First Am. Bank v. First Am. Transp. Title Ins. Co., No. 07-31033
In an action seeking the proceeds of a maritime insurance policy, partial summary judgment for defendant, holding that the measure of indemnity was limited under the policy to the amount by which the payments to the holders of the priming liens for necessaries reduced plaintiff's recovery on its mortgages, is affirmed in part where the policy did not allow recovery of consequential damages. However, the order is reversed in part where the difference in values was not to be determined solely by the proceeds recovered from the foreclosure sale at issue.
Filed October 14, 2009
Opinion by Judge Owen