HANNAY, District Judge:
This appeal is from a denial by the trial court of insurance coverage to a damaged oil drilling rig owned by the Appellant Robert L. Kemp. Federal jurisdiction is based upon diversity of citizenship between Appellants and the insurer — Appellee. The case was tried before the District Court without a jury.
The policy in question contained a loss payable clause in favor of Fred E. Cooper, Inc., from whom Kemp purchased the rig...
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