Slavenburg Corp. v. Boston Insurance

EDELSTEIN, District Judge.

This is an action on an open marine insurance policy issued by defendant to plaintiff. Plaintiff is a commercial factor and finance company, whose principal business is financing import and export shipments and other commercial transactions. Plaintiff, claiming a financial interest in 118 Volkswagen automobiles, seeks to recover the insured value thereof in the sum of $169,548.11. The automobiles were aboard the S.S. MONGABARRA which sank after a collision with another vessel. It is plaintiff’s claim that the open policy automatically insured the automobiles which…