October 24, 1972. John M. Speyer of counsel ( Michael L. Ingram with him on the brief; Greenhill Speyer, attorneys), for plaintiff. Ward R. Cunningham of counsel ( Robert F. Doran with him on the brief; Doran, Cunningham Caserio, attorneys), for defendant. Per Curiam. This is a submission of controversy pursuant to CPLR 3222. The relevant stipulated facts are as follows: Plaintiff, Standard Marine Insurance Co., Ltd. (hereinafter referred to as Standard) issued a policy to Meade and Montague, Inc