Progress Bulk Carriers v. American Steamship Owners Mutual Protection & Indemnity Ass'n

MEMORANDUM & ORDER ANDREW L. CARTER, JR., District Judge.

I. Introduction

Plaintiff Progress Bulk Carriers (“PBC”) seeks indemnity from Defendant American Steamship Owners Mutual Protection and Indemnity Association (“American Club”) under a mutual indemnity contract PBC was a party to for losses incurred by a third party’s refusal to accept shipments of steel. Pursuant to a term of the contract, the claim was adjudicated in the first instance by the American Club’s Board of Directors, who refused to indemnify PBC. PBC appealed the denial to this Court. In relevant part, the American Club moved…