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Mortgagee Clause

Property Insurance clause which authorizes the Insurer to pay a loss to the mortgagee and/or insured, as their interests may appear at the time of loss. This clause also may specify other rights and duties of the mortgagor and mortgagee regarding the Insurance. See Also: “Agreed Bank Clause” (Agreed mortgagee clause.)

Mortgagee Endorsement

An endorsement to an insurance policy covering the policyholder’s mortgaged property to provide that, in the event of the insolvency of the insurance company, the reinsurer shall pay directly to the mortgagee and/or the policyholder the amount of loss that would have been recovered from the reinsurer by the insurance company. The endorsement may provide that the reinsurer will pay the full loss amount in accordance with the insurance protection afforded by the insurance company. Similar in concept to the Cut-Through Endorsement.

Mortgagee’s Interest Insurance (MII) for Marine Hull

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.

Mortgageholders clause

A standard property policy provision that creates elements of a separate contract between a mortgage company and an insurance company. Any loss to building or structures will be paid to the mortgage company and insured jointly and any act of the insured voiding coverage will not affect the mortgage holder without it first being given an opportunity to comply with the insurer’s needs.

Motion for summary judgment

A motion filed by defendants that seeks a judgment in favor of the defendants based upon undisputed facts in the lawsuit. Motions for summary judgment are typically filed after the close of fact discovery. Because plaintiffs frequently can identify material facts that are in dispute, courts infrequently grant motions for summary judgment.

Motion to dismiss

A motion filed by defendants in a lawsuit that seeks dismissal of the lawsuit because the allegations in the complaint, even if true, would not support a claim upon which relief may be granted. A motion to dismiss is filed shortly after the lawsuit commences and the court looks only at the allegations in the complaint, not extraneous facts, to determine if a proper cause of action has been stated.

Motor

Any mechanically or electrically powered device (except one moved by human power) not operating on rails, upon which or by which any person or property may be transported on land. The load on a motor vehicle or trailer attached to it is considered part of the vehicle. Tractors and motorized machinery are included while being self-propelled in transit or used for transpiration; also included are motor scooters and motorized bicycles.