The M/V Vyssos, a dry bulk carrier, was financed by a US$3 million loan from Oceanus Capital SARL, secured by a mortgage over the ship. Oceanus backed that exposure with mortgagees’ interest insurance – MII – from Lloyd’s Insurance Company S.A., for a sum insured of US$3.6 million, set at 120% of the loan. The owner’s separate war risks policy, valued at US$5.8 million, allowed worldwide trading but excluded Ukrainian waters unless underwriters agreed and were paid an extra premium.
