North American Specialty Insurance v. Debis Financial Services, Inc.

WIENER, Circuit Judge:

North American Specialty Insurance Company, formerly known as Underwriters Insurance Company (“Underwriters”), appeals the district court’s dismissal of its action to recover monies paid to Debis Financial Services Inc. (“Debis”) as an additional payee under a Hull Insurance Policy issued by Underwriters to Offshore Marine Contractors Inc. (“Offshore Marine”). We affirm.

I. FACTS & PROCEEDINGS

In 1994, Offshore Marine purchased a jack-up barge named the L/B ATLAS. Following the purchase, Debis loaned funds to Offshore Marine secured by a mortgage on the ATLAS. At all…