Admiral Towing v. Seatrain International

ALVIN B. RUBIN, Circuit Judge:

The intricate transactions that resulted in this litigation cannot be simply stated. A complex set of charters, subcharters, insurance provisions, insurance policies, and the eventual sinking of a tug and tow with resultant loss of both vessels and the cargo aboard the tow result in this snarl of facts and law.

A corporation bareboat chartered its tug to its corporate subsidiary, which, in turn, time chartered the tug to another corporation. The latter corporation, the time charterer of the tug, also bareboat chartered a barge, which became the tug’s tow, and then…