Wolstein v. Yorkshire Insurance

This is a marine insurance case where the original owner and vessel financier (Bertram Wolstein), as an additional assured on the marine builder’s risk insurance policy, seeks to recover from the insurance underwriters for lost charter income, costs to rectify substandard workmanship, and cost overruns in completing a 105-foot yacht that resulted when the original boatbuilder abandoned construction and subsequently declared bankruptcy. The trial court granted the underwriters’ motion for summary judgment and dismissed the case with prejudice, finding that there were no covered losses under…