The underlying action to this appeal was a suit by R.H.R. Rokeby-Johnson and other underwriters at Lloyd's, London (hereinafter Underwriters) which sought to recover the sum of $82,523 paid by Underwriters to their assured, Navigation Services Inc. (hereinafter NSI), for loss of equipment caused by a fire on board the vessel Aquasition at sea on June 6, 1976. For reasons hereinafter stated the trial court...
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