JOHN INYANG OKORO, J.C.A.(Delivering the Leading Judgment): This is an appeal against the Ruling of the Federal High Court Lagos in Suit No. FHC/L/CS/1037/2006 delivered by I. N. Auta, J. (as he then was) on 30th March, 2007. By a writ of Summons and Statement of Claim dated 5th December, 2006, the Appellant, as Plaintiff instituted the action giving birth to this appeal against the Respondents as Defendants claiming the sum of US $517,808.56 (Five Hundred and Seventeen Thousand, Eight Hundred and Eight United States Dollars, Fifty Six Cents) being the total outstanding amount and interest owed by the Respondents on insurance cover provided by the Appellant for the vessel "M/T Tuma" on certain insurance policies,
Due to the failure of the 2nd and 3rd Respondents to satisfy the demands of the Appellant to liquidate the outstanding amounts, the Appellant terminated the insurance cover by issuing Notice of Termination dated 19th October, 2001. Subsequently, the Appellant issued a Writ of…