MII Policy definition

MII Policy means a mortgagee’s interest and pollution risks insurance policy (including additional perils cover) in respect of the Ship to be effected by the Agent on behalf of the Lenders (for the cost of the Lenders) on or before the first Utilisation Date and renewed or replaced annually thereafter and maintained throughout the Security Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Agent in its sole discretion, insuring a sum of at least 110% of the Loan;
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MII Policy means a mortgagee’s insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Security Trustee on or before the first Drawdown Date to cover the Mortgaged Vessels as the same may be renewed or replaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Security Trustee in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan in respect of mortgagee’s interest insurance;
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MII Policy means a mortgagee’s insurance policy (including additional perils (pollution) cover) in respect of each Mortgaged Vessel to be effected by the Security Trustee on or before the first Drawdown Date to cover the Mortgaged Vessels as the same may be renewed orreplaced annually thereafter and maintained throughout the Facility Period through such brokers, with such underwriters and containing such coverage as may be acceptable to the Security Trustee in its sole discretion, insuring a sum of at least one hundred and twenty per cent (120%) of the Loan in respect of mortgagee’s interest insurance;
Sample 1

Examples of MII Policy in a sentence

  • Procurement with estimated value of less than `200 crore is done through Domestic Tenders except against specific approvals, as per MII Policy PP-MII Order dated 16.09.2020 with subsequent amendments.

  • It is implicit in Clause 4(i) that if non-payment under the Owners’ Policies (which leads to the claim under the MII Policy) is not made by reason of any of the circumstances specified in Clause 1, then there will not be any claim for an indemnity and there will be no need to carry out the calculation exercise in Clause 4(i).

  • But, in any event, there was no prima facie cover for the loss under the War Risks Policy for the purposes of Clause 1(i) of the MII Policy, because regardless of the Owners’ non-disclosure and the resulting avoidance of the War Risks Policy, the detention of the Vessel would not have been covered: cover would have been excluded by Rule 3.5.1 and/or 3.5.2 of the Club Rules.

  • If it were otherwise, then the MII Policy would be providing primary insurance in respect of loss of or damage to the Vessel as it would be providing cover where there would have been no cover under the War Risks Policy due to the exclusion, and yet both the Bank and the Insurers are agreed that the MII Policy provides secondary insurance71.

  • Pursuant to Clause 1 of the MII Wording, the MII Policy was “ to indemnify the Insured for loss of, or damage to, or liability arising in connection with the Vessel.

  • Together, Clauses 1(ii) and 4(i)(a) and 4(ii) ensure that the MII Policy functions as a contract of indemnity.

  • Prior approval is generally not required to assume positions with charitable and other non- profit organizations or civic and trade associations.

  • The Bank suggests that because the MII Policy is to “ indemnify the Insured for loss of, or damage to, … the vessel … Which occurs by virtue of any alleged deliberate, negligent or accidental act or omission”, Clause 1(ii) looks not at the cause of a lack of cover for a loss which would otherwise be covered under the War Risks Policy, but at the cause of the Vessel’s loss.

  • On 16 December 2016, it having become apparent from correspondence between Waterson Hicks and NRF (that the writer had obtained) that “ War Risks Underwriters will deny liability for Owners' claim for an actual/constructive total loss”, Hill Dickinson formally presented the Bank’s claim under the MII Policy in respect of the Vessel to the Defendants.

  • For simplicity we will assume that C has pullbacks.Definition 2.1.9. Let (C, J) be a site where C has pullbacks.


More Definitions of MII Policy

MII Policy means a mortgagees’ interest policy on terms and conditions provided by an independent insurance broker as approved by the Security Agent and maintained by the Security Agent in accordance with Clause 25 (Insurance).
Sample 1

Related to MII Policy

  • R&W Policy means a representation and warranty insurance policy for the benefit of Buyer obtained in connection with this Agreement on the terms described on Schedule 1.01 of the Buyer Disclosure Schedule.

  • LPMI Policy A policy of primary mortgage guaranty insurance issued by a LPMI Insurer pursuant to which the related premium is to be paid from payments of interest made by the Mortgagor.

  • D&O Policy has the meaning set forth in Section 6.18(b).

  • CSR Policy means the present Corporate Social Responsibility Policy of the Company, which covers the activities to be undertaken by the Company as specified in Schedule VII to the Act and the CSR Expenditure thereon.

  • PMI Policy A policy of primary mortgage guaranty insurance issued by a Qualified Insurer, as required by this Agreement with respect to certain Mortgage Loans.

  • Group Policy /”policy” means the breakdown policy as set out in this document;

  • Blanket insurance policy means a group policy covering a defined class of

  • Insurance Policy With respect to any Mortgage Loan included in the Trust Fund, any insurance policy, including all riders and endorsements thereto in effect, including any replacement policy or policies for any Insurance Policies.

  • Covered policy means a policy of commercial risk insurance, professional liability insurance or public entity insurance.

  • Reimbursement insurance policy means a policy of insurance

  • Policy means Related Party Transaction Policy.

  • Lapsed Policy means a Policy which has not acquired the Surrender Value and where the due Premium has not been received till the expiry of the Grace Period;

  • SAP Policies means the operational guidelines and policies applied by SAP to provide and support the Cloud Service as incorporated in an Order Form.

  • R&W Insurance Policy means the representations and warranties insurance policy issued to Buyer in connection with the transactions contemplated hereby.

  • Hazard Insurance Policy means, with respect to each Contract, the policy of fire and extended coverage insurance (and federal flood insurance, if the Manufactured Home is secured by an FHA/VA Contract and such Manufactured Home is located in a federally designated special flood area) required to be maintained for the related Manufactured Home, as provided in Section 5.09, and which, as provided in said Section 5.09, may be a blanket mortgage impairment policy maintained by the Servicer in accordance with the terms and conditions of said Section 5.09.

  • Standard Hazard Insurance Policy means a fire and casualty extended coverage insurance policy in such amount and with such coverage as required by this Agreement.

  • Master Policy means a single worker’s compensation insurance policy issued by an insurer authorized to do business in this state to an employee leasing company in the name of the employee leasing company that covers more than one client of the employee leasing company.

  • Health insurance policy means a policy that provides specified benefits for hospital and/or general treatment and meets all requirements under section 63-10 of the Private Health Insurance Act 2007.

  • Tail Policy has the meaning set forth in Section 6.18(b).

  • D&O Tail Policy has the meaning set forth in Section 5.8(c).

  • D&O Policies has the meaning set forth in Section 8.06.

  • Life Insurance Policy has the meaning given in Section 6.10.

  • Mortgage Impairment Insurance Policy A mortgage impairment or blanket hazard insurance policy as described in Section 4.11.

  • Required Insurance Policy With respect to any Mortgage Loan, any insurance policy that is required to be maintained from time to time under this Agreement.

  • Primary Insurance Policy Each policy of primary mortgage guaranty insurance or any replacement policy therefor with respect to any Mortgage Loan.