船舶融资贷款协议通常规定，在船舶全损或索赔超出一定数额的情况下，抵押权人有权获得船壳保险及其他增值保险项下的保险赔偿。待发出转让通知后，船壳保险人通常会基于损失支付条款，向抵押权人出具担保。但是，船壳保险人在某些情况下可能会拒绝赔付，典型的例子是，被保险人违反保证条款或其行为存在重大过失。这些情况会导致保单失效，迫使抵押权人面临潜在的损失风险。如果得不到保险的赔偿，船东很可能不履行或遵守贷款协议条款。
详细信息请参阅附件。
Mortgagees Interest Insurance
Often there is a provision in the ship finance loan agreement states that the mortgagee is entitled to receive the proceeds from Hull and Machinery cover and any Increased Value covers, in the event of a total loss or if the claim exceeds a certain amount. Following a Notice of Assignment, the Hull Insurer would normally issue a Letter of Undertaking in favor of the mortgagee based on a Loss Payable Clause. However, hull Insurers may decline to pay a claim in certain circumstances. Typically, this might occur if the assured is in breach of warranties or has acted with gross negligence. Since covers are void in these circumstances, the mortgagee would face a potential risk of a loss, as it is likely the shipowner without receiving the insurance claims proceeds, would be unable to perform and comply with the terms of the loan agreement.
See attached file: ALCO20140031 Mortgagees Interest Insurance.pdf
