Northwestern National Insurance Company v. Federal Intermediate Credit Bank Of Spokane

839 F.2d 1366 1988 A.M.C. 1839 NORTHWESTERN NATIONAL INSURANCE COMPANY; Highlands Insurance Company; St. Paul Fire and Marine Insurance Company; U.S. Fire and Insurance Company; Royal Insurance Company, Plaintiffs-Appellees, v. FEDERAL INTERMEDIATE CREDIT BANK OF SPOKANE, WASHINGTON, Defendant-Appellant. No. 87-3649. United States Court of Appeals, Ninth Circuit. Argued and Submitted Jan. 4, 1988. Decided Feb. 23, 1988. Michael H. Williamson and Casey A. Nagy, Madden, Poliak, MacDougall & Williamson, Seattle, Wash., for defendant-appellant. Charles A. Ford, Bauer, Moynihan & Johnson, Seattle, Wash., for plaintiffs-appellees. Appeal from the United States District Court for the Western District of Washington. Before WRIGHT, ALARCON and POOLE, Circuit Judges. EUGENE A. WRIGHT, Circuit Judge: 1 In this marine insurance case, we consider whether a held-covered clause operates to extend coverage beyond the terms of the trading warranty. We find that, because the assured failed to satisfy the conditions of the held-covered clause, the loss of his vessel was not covered. BACKGROUND 2 Northwest National Insurance and the other appellees, insurance underwriters, insured the hull…