McENTEE, Circuit Judge.
This case deals with a disputed claim under a policy of hull insurance. The issues involved are relatively simple, and there is virtually no dispute between the parties concerning the basic facts.
On the morning of June 26, 1971, the yacht POSEIDON was operating in the waters of Muskeget Channel, south of Martha's Vineyard. The owner of the vessel, who was operating it at the time, observed heavy smoke coming from the exhaust and consequently...
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