Ace Capital v. Varadam Foundation

MEMORANDUM OPINION

SUE L. ROBINSON, Chief Judge.

I. INTRODUCTION

On June 20, 2005, Ace Capital “and others underwriting at Llyod’s severally subscribing to Policy No. A5BGLY170” (collectively called “plaintiffs”) filed a declaratory action against Varadam Foundation and Jaime Jalife (collectively called “defendants”). (D.I. 1) Plaintiffs issued marine insurance Policy No. A5BGLY170 (the “Policy”) for the vessel MAMMA MIA. (D.I. 1 at ¶ 1) Defendant Varadam Foundation is a corporation organized under the laws of the State of Delaware. (D.I. 1 at ¶ 2) Defendant Jaime Jalife is a citizen of Mexico…