Meridian Trading Corp. v. National Automobile & Casualty Insurance

Plaintiff, a New York corporation, sues for damages allegedly caused by the defendant insurance company’s breach of an indemnity insurance policy issued in 1958, wherein defendant insured a third party (Kingston Steamship Coup.) against certain risks to a vessel then owned by Kingston. An indorsement was then issued which named another corporation — Inland Credit — as loss payee, as first preferred ship mortgagee. It appears, however, that Kingston’s debt to Inland was later paid and Inland’s status as first mortgagee extinguished, although the indorsement itself was never changed to reflect…