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COASTAL SAV. v. ARKWRIGHT-BOSTON MFRS. MUT. INS.

Civ. No. 87-0108-P.

686 F.Supp. 17 (1988)

COASTAL SAVINGS BANK, Plaintiff, v. ARKWRIGHT-BOSTON MANUFACTURERS MUTUAL INSURANCE COMPANY and The Aetna Casualty and Surety Company, Defendants. ARKWRIGHT-BOSTON MANUFACTURERS MUTUAL INSURANCE COMPANY, Third-Party Plaintiff, v. GOWEN, INC., Third-Party Defendant.

United States District Court, D. Maine.

June 3, 1988.

Attorney(s) appearing for the Case

John A. Ciraldo, Perkins, Thompson, Hinckley & Keddy, and Andrew A. Cadot, Portland, Me., for plaintiff.

Geoffrey K. Cummings, Elizabeth A. Olivier, Portland, Me., for Gowen.

James M. Bowie, Hunt, Thompson & Bowie, Portland, Me., for Aetna.

Michael X. Savasuk, Portland, Me., Robert J. Giuffra, New York City, for A-B Ins. Co.

MEMORANDUM OF DECISION AND ORDER

GENE CARTER, District Judge.

I. BACKGROUND

In February of 1985, Plaintiff Coastal Savings Bank ("Coastal") loaned $138,400 to Daniel Todd of Chebeague Island, Maine. To secure this loan, Coastal obtained a First Preferred Ship's Mortgage on Todd's fishing boat, F/V BIG DIPPER, and required Todd to obtain an "all risk" marine insurance policy on the boat. Todd obtained the insurance from Defendant Arkwright-Boston...

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