If ship finance is symbolised by a chair for the owner and the bank to sit on, the mortgage, the guarantees and the owner's insurance each represent a leg on that chair. Mortgagees' interest insurance (MII) is the all-important fourth leg that prevents it from collapsing. Mil will pay if the owner'srn18 18 November 2010rninsurance doesn't - for example, when underwriters avoid paying claims. This way, "the bank's property is protected," said Peter Mellett, managing director of BankServe Insurance Services, thernlargest MII broker in the world.
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