We have comprehensive experience in delivering distinctive insurance solutions for the ship finance sector in the Nordic region, whether it is banks, lenders, lessors or innocent owners. Products include:

Mortgagees Interest Insurance

The Mortgagees Interest Insurance (MII) covers the bank/lenders interest in the mortgaged vessel. The cover is secondary to the vessel's primary insurance, such as hull and machinery, hull interest, war and P&I insurance.

Mortgagees' Interest Additional Perils (Pollution)

The Mortgagees Interest Insurance Additional Perils (Pollution) (MAP) covers the bank/lenders interest in the mortgaged vessel, should the vessel pollute oil and be exposed to legal liabilities for amounts in excess of the limits of liability under the owners´ P&I policies and club entries, thus priming the mortgage.

Lessors' Interest, Innocent Owners and Shareholders Interest Insurances

Lessor's or innocent owner's insurance, is the leasing equivalent of mortgagees interest insurance. In other words, the lessor's interest or innocent owner's policy must indemnify lessors for claims unrecoverable from hull insurers or the P&I club, but only up to the sum insured on the lessor's interest policy.

Mortgage Rights Insurance

Mortgage Right Insurance (MRI) is required coverage if a bank considers that there may be a risk of foreign government acting against their legitimate interests. This may either occur through government action against the vessel by way of confiscation etc., or following a default under the loan agreement where after the bank seeks to repossess the vessel(s).

Confiscation, nationalisation, expropriation and deprivation and political risks coverage

Political risk coverage purchased by businesses that have an ownership interest in property abroad, to cover loss resulting from government nationalisation of the property, or other action by the government that effectively deprives the insured of the property or restricts its operations. Coverage may be structured to insure such current assets as bank accounts, intercompany or bank loans, accounts receivable, inventory, retained earnings, supplies, and work in progress. Deprivation coverage, which insures against the risk of a government action preventing use of the asset (such as denying a permit to run a plant), can be added to the basic C.N.E.D policy.

In addition, due to our close cooperation with our risk engineering unit, we can deliver the following services for banks, lenders, lessors or innocent owners to help them manage their risks.

• Monthly quality assessment reports, showing development in the performance of the client's specific portfolio. Based on the banks own KPI settings.
• Our risk engineering unit can tailor-made an emergency response plan for the bank, where they handle mooring, watch keeping and mothballing surveys if the bank repossess a vessel.
• Conduct company audits and condition surveys on targeted segments/fleets and on ad hoc basis.