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American National Fire Insurance Co. v. Mirasco, Inc.

United States District Court for the Southern District of New York
249 F. Supp. 2d 303 (2003)


Facts

On December 31, 1998, the M/V Spero set sail from Texas for Egypt, carrying containers of beef livers. Mirasco, Inc. (Mirasco) (plaintiff) had an insurable interest in the livers. The livers were purchased from I.B.P. Corporation (IBP). The shipment was insured by a marine-cargo insurance policy underwritten by America National Fire Insurance (National Fire) (defendant). On January 3, 1999, Egypt issued Decree #6, which banned the import of IBP’s goods into Egypt. The M/V Spero arrived in Egypt on January 23, 1999. Egypt refused to allow the import of the livers, despite the fact that the ship had set sail before the issuance of Decree #6. The livers were returned and sold in the United States at a significantly lesser price than if delivered to Egypt. National Fire denied Mirasco’s claim for losses under the insurance policy. Mirasco brought suit in the United States District Court for the Southern District of New York for payment under the policy. Both parties filed motions for summary judgment.

Rule of Law

Issue

Holding and Reasoning (Sweet, J.)

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