Court considers proximate cause of vessel's loss in Ukrainian waters

Matthew Dow and Iain Kennedy, of Hill Dickinson LLP, examine a decision in which the court has interpreted the mortgage interest clause

In Oceanus Capital Sarl v Lloyd's Insurance Co SA (The Vyssos) [2026] 1 Lloyd's Rep 79, the English Commercial Court has for the first time construed and interpreted the Institute Mortgagees' Interest Clauses Hulls (1/3/97 CL337-97), a standard London insurance wording, and found in favour of the assured lenders. However, leave to appeal was granted on the ground that the Court of Appeal may take a different view on the construction of the relevant wording.