Young v. Seven Bar Flying Service, Inc.

OPINION

FEDERICI, Chief Justice.

Appellant Jacob Young (Young) owned a Cessna 206 aircraft which he purchased from, and leased back to, Seven Bar Flying Service (Seven Bar). Seven Bar included the Cessna on its master insurance policy which it purchased from National Union Fire Insurance Company (National Union). Young separately insured the Cessna, as required in the lease agreement, with Puritan Insurance Company (Puritan). On April 2, 1980, while leased to Seven Bar, the aircraft was stolen from its Seven Bar hangar and never recovered. Young received $71,900 from Puritan. He brought this…