AIG Centennial sought a declaration that its marine policy covering the vessel Bryemere was void after discovering that J. Brian O’Neill’s application misstated the purchase price and omitted prior vessel losses. O’Neill held the policy in his own name, although Carolina Acquisition, LLC, which he owned, held title to the vessel and Bank of America held a mortgage. After a bench trial, the Eleventh Circuit affirmed. Applying the maritime doctrine of uberrimae fidei, the court held that the application materially misstated the vessel’s purchase price: the amount could influence a reasonable insurer’s underwriting and coverage limits, and the policy was void as to O’Neill even if the misstatement was unintentional. The court also held that the policy’s standard mortgage clause did not protect the bank. Under Pennsylvania law, the clause created an independent mortgagee contract, but its terms presupposed that the mortgagor and named insured were the same; here, Carolina was the owner and mortgagor, while O’Neill alone was named as insured, and he did not obtain the policy as Carolina’s agent. The court rejected the bank’s trial-by-ambush argument because the pretrial stipulation placed the clause’s validity in dispute. Judge DuBose concurred in the judgment that the bank could not recover, reasoning that the bank’s request to change the insured from O’Neill to Carolina rejected the insurance offer, so no contract formed in the bank’s favor.