Eastern Insurance Co. v. Austin

HERSEY, Judge.

Eastern Insurance Company appeals from a final judgment determining that appellee is entitled to coverage for loss of an insured boat.

The Rock Beauty, a fifty-seven foot Chris-Craft vessel was jointly owned by ap-pellee, Austin, and a partner. The boat was used for charter. In about May of 1976 appellee bought out his partner and retired the vessel from commercial use. Accordingly, the status of a loan against it changed from “commercial loan” to “installment loan” and the insurance policy in issue here was acquired in response to a requirement of the bank which held the loan.…