National Surety Corporation v. Ranger Insurance Company

LOKEN, Circuit Judge.

United Suppliers, Inc. (“United”) suffered a loss of $1,806,738.09 when an above-ground storage tank collapsed at its Pacific Junction, Iowa facility, spilling liquid fertilizer. Responding to insurance claims, National Surety Corporation (“National”) paid United $1,000,000, the policy limit under National’s inland marine policy, which covered loss to liquid fertilizer from tank leakage or collapse. Ranger Insurance Company (“Ranger”) paid United the remaining $806,738.09 of its total loss under Ranger’s blanket property policy, which covered personal property including…