Mortgagee's interest insurance: the nature of MII

In Oceanus Capital Sarl v Lloyd's Insurance Co SA (The Vyssos) [2026] EWCA Civ 863 the Court of Appeal has upheld the decision of Sue Prevezer KC, sitting as a Deputy High Court Judge, [2025] EWHC 3293 (Comm). The decision contains important analysis of the standard MII clauses used in the London market, and confirms that the correct analysis of the wording is that the interest insured by a mortgagee is its security interest in the insured vessel rather than the sums payable under the owners' own insurance.

The Vyssos : the insurances