Continental Oil Company v. Bonanza Corporation and Republic Insurance Company

JERRE S. WILLIAMS, Circuit Judge:

This case calls upon us to descend into the depths of the maritime insurance world to determine when the raising of a sunken wreck is “compulsory by law.” Continental Oil Company (Conoco) brought suit against Bonanza Corporation (Bonanza) and Republic Insurance Company (Republic) to recover expenses for removing the wreck of the Aqua Safari, an ill-fated 65 or 70 foot vessel that Bonanza had chartered to Conoco. The district court found that Conoco was entitled to recover its expenses from both the vessel owner and the insurance company, and this appeal…