3rd Circ. Sinks Insurance Coverage Bid Over Damaged Yacht

Law360 (March 24, 2020, 4:07 PM EDT) -- An insurance company escaped coverage over a partially sunken yacht after the Third Circuit said Tuesday in a precedential opinion that the boat's owners failed to show their damages were "a matter of chance," joining other circuit courts in finding that such insureds must prove a loss was fortuitous.

A three-judge panel affirmed a summary judgment win for Chartis Property Casualty Co. in its New Jersey federal suit against John and Joan Inganamort over the 2011 damage to their 65-foot fishing vessel, Three Times a Lady, while it was docked behind their part-time home in Florida, rejecting their bid to show...

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