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The July 31, 1987, Lucid Cruising corporate minutes
mentioned the “decided strained feelings” with Kanter Yachts, and
that: “[Petitioners’] * * * dependence upon having a good
seaworthy yacht that is attractive to show is most important in
making this corporation solvent.” Petitioners decided to begin
an advertising campaign for the upcoming Seattle boat show
because Kanter Yachts would be responsible for the advertising
and registration for the Annapolis boat show.
In September 1987, petitioners took possession of the
Brendan in Canada but damaged it the next day while sailing. The
vessel was returned to Kanter Yachts for repairs. Petitioners'
insurance policy covered the damage to the sailboat. The
insurance contract was entitled, “The Travelers Personal Yacht
Policy” from The Travelers Insurance Companies. The policy read,
in part:
Private Pleasure Use Only
We do not provide any coverage under this policy while
the insured yacht is used for charter, hire, or any
other commercial purpose, unless approved by us in
writing.
The Brendan was returned to petitioners in January 1988. It was
shipped overland from Port Stanley, Ontario, Canada, to Seattle,
Washington. The sailboat was damaged by the trucking company in
transit. The damage was repaired, and petitioners showed the
Brendan at the Seattle boat show from January 16, 1988 through
February 28, 1988. Petitioners distributed their business cards
and brochures that were supplied by Kanter Yachts. Approximately
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