Marine insurance: mortgagees’ interest policies

In Piraeus Bank AE v Antares Underwriting Ltd and Others [2022] EWHC 1169 (Comm) Calver J gave extended consideration to the circumstances in which a mortgagees’ interest insurance policy responds where the owners’ insurers have denied liability. As is well known, MII insurance is a fallback cover for a bank or other lender which is unable to recover as assignee or loss payee under the owners’ policy. The issue in Piraeus Bank was whether the MII policy responded in circumstances where the loss fell outside the scope of the owners’ insurance.

Piraeus Bank : the War Risks Policy