American Eagle Fire Ins. v. Peoples Compress Co.

MURRAH, Circuit Judge.

This appeal involves coverage under a “blanket or floating” insurance policy issued by American Eagle Fire Insurance Company insuring the People’s Compress Company against any loss or damage by fire to cotton stored in its warehouse, for which “insured receipts” had been issued. The premium for such policy was adjusted and paid each month on the basis of the number of insured compress receipts issued and outstanding, and the policy required the insured to make weekly reports to the insurer showing the total number of bales of cotton for which receipts were outstanding.

On…