Mortgagees Interest Insurance

Mortgagee's Interest Insurance is a type of insurance that protects the financial interests of a lender (mortgagee) in a marine loan. When a ship or vessel is financed, the lender requires that the asset is insured to cover losses from damage or destruction. This insurance ensures that, if something happens to the ship and it affects the lender's ability to recover their loan, they will be compensated. It helps safeguard the lender's investment in maritime assets, ensuring that their interests are prioritized in any claims related to the marine property.