Ingersoll-Rand Financial Corp. v. Employers Insurance of Wausau, a Mutual Co.

TATE, Circuit Judge:

Based upon admiralty and maritime jurisdiction, 28 U.S.C. § 1333, Fed.R.Civ.P. 9(h), the plaintiff-mortgagee (“Ingersoll-Rand”) sues the defendant hull insurer (“Employers”) of a vessel to recover under a “standard” loss-payee mortgage clause. The hull insurance policy issued to the insured owner-mortgagor (“Mire”) of the vessel covered only named perils; these did not include the theft of the vessel. Under the findings of fact of the district court, which are not clearly erroneous, Fed.R.Civ.P. 52(a), the loss of the vessel was caused by the theft of the vessel, but the…