Opinion ID: 462445
Heading Depth: 2
Heading Rank: 3

Heading: The Disclosure of the MARIAM Loss

Text: 7 Leeds first learned of the 1979 loss of $638,000 to the MARIAM on January 5, 1981, and it listed this loss and the $422,000 loss to the IRINIO in the renewal application it sent ANGA on June 10, 1981. The application also listed losses totaling nearly $3 million for the 1980-1981 policy year to these two ships and to one other insured by plaintiffs and owned by the ship owners. Gagliardi testified that, in reviewing the renewal application, he noticed the losses to the IRINIO and the MARIAM that had not been included in the previous year's application. These losses brought the supposed 7.5% credit balance for that year to a deficit of more than 300%.