ALCOA STEAMSHIP COMPANY INC. v. CHARLES FERRAN & CO. INC. AND GLENS FALLS INSURANCE COMPANY AND EXCESS UNDERWRITERS*

[1971] 2 Lloyd's Rep. 426

UNITED STATESCOURT OF APPEALS(FIFTH CIRCUIT)

Before Chief Judge Brown, Circuit Judge Gewin and Circuit Judge Thornberry

United States - Marine insurance - Louisiana Direct Action Statute (L.A.R.S. 22, sect. 655 (Supp. 1964)) - Shipowners' vessel damaged by ship-repairers' negligence - Liability limited by Red Letter clause in contract - Whether benefit of clause available to insurers-Whether interest also recoverable- Whether liability to pay interest fell on primary insurer or excess insurer - Time from which interest payable. Interest - Whether recoverable under Red Letter clause-Time from which payable - Liability of primary insurer and excess insurer.