It covers the bank/lender’s interest in the mortgaged vessel. The cover is secondary to the vessel’s actual primary insurance, such as Hull and Machinery, Hull Interest, War and P&I Insurance. A claim is valid only when the primary insurance cover does not respond. It is to be noted that MII is a mirror of the primary cover and does not cover anything outside that scope of cover. MII insurance covers loss resulting from loss of or damage to or liability of the Mortgaged Vessel which would prima facie be covered by the Owner’s Policies and Club Entries, but in respect of which there is subsequent Non-Payment by any of the owner’s underwriters.