Transcription of Mortgagees Interest Insurance (MII) and Mortgagees ...
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Mortgagees Interest Insurance (MII) and Mortgagees ...
June 2015. Mortgagees Interest Insurance (MII) and Mortgagees Interest additional perils pollution Insurance Why Buy? To protect a bank's/lender's mortgage if the insurances of the borrower/shipowner do not respond Description In a loan agreement between a shipowner and a mortgagee , a provision will state that the mortgagee is entitled to the proceeds from H&M, HI, FI, War and P&I covers. This provision is formalised in a Notice of Assignment. For practical reasons the two parties agree that in the event of claims below a certain amount, the insurer is allowed to pay the owner, shipyard or other party directly. This is done through the Loss Payable Clause. The insurers and sometimes the brokers issue a Letter of Undertaking in favour of the This Insurance covers the outstanding loan mortgagee , based on a Notice of Assignment and amount, should the other covers become void.
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ADDITIONAL PERILS, Institute Time Clauses - Hulls, Additional, Perils, Of-File Processing when Subsetting Data, GENERAL REGULATIONS, Special Personal Property Coverage Endorsement, Special Personal Property Coverage Endorsement & Additional, EVIDENCE OF PROPERTY INSURANCE, Is your insurance company listening to