In his office at Trans-Global Airlines, company president Douglas Harrison tells pilot Johnny Martin that he wants to force a former Air Force captain, Terry O'Rourke, and his small Arctic Circle franchise, Polar Airways, which has a contract with the Canadian government, out of business. Just then, Kay Cameron, who was dismissed from her job with the WASP ferry command after being accused of stealing the captured German crown jewels, enters to ask Harrison for a job. Without her knowledge, Johnny decides to use Kay against O'Rourke and arranges for her to fly to Edmonton, Alberta, where O'Rourke is stationed. There, O'Rourke hires the unsuspecting Kay to do the stack of paperwork that Jimmy Travis, a Canadian customs official, has given him to fill out. After O'Rourke and a couple of his men board the plane and take off, a leak in the oil line ignites the plane's left motor. O'Rourke radios Winchester Airport, where the radio operator, Eddy Clark, talks him through a dangerous crash landing in a thick fog. No one is hurt in the accident, so O'Rourke decides not to report it to his insurance company, afraid that his policy could be canceled. Later, however, Johnny convinces Kay that she should file the insurance claim. That evening, Kay meets Matt Conroy, the superintendent of the Tenana Mining Company, for dinner. He offers to double her salary if she will come to work for him, but she declines. When O'Rourke then arrives at the restaurant, Kay leaves with him, after which Johnny tells Conroy and his foreman, Mitchell, that O'Rourke has hired him to pilot a plane transporting $120,000 worth of Tenana gold. Later, Kay receives a letter from the insurance company stating that O'Rourke's insurance has been canceled. Although she is aware that O'Rourke will be held personally responsible if anything goes wrong with the gold shipment, Kay decides not to tell him about the letter. Before Johnny takes off with the gold, Conroy plants a bomb onboard the plane. When the bomb explodes in flight, Johnny radios Eddy to say that he is bailing out near Snowshoe Pass in the Watson Mountains. Eddy radios Edmonton and the Mounties are called in to help with the search, just as Sgt. Dixon of the Canadian Air Patrol reports that a plane has taken off from Caribou Flats. Meanwhile, O'Rourke and Kay fly to the location, where they find Johnny's body, and discover that the rip cord to his parachute had been cut. O'Rourke searches Johnny's pockets and finds a paycheck stub from Trans-Global Airlines. When Kay finally confesses her involvement with Harrison and shows O'Rourke the cancellation letter, he becomes angry and fires her. Because O'Rourke's contract guaranteed insurance coverage, he knows he will likely face fraud charges, in addition to being ruined financially. Later, when Conroy asks Kay to deliver some insurance papers to Seattle, O'Rourke hides a listening device inside the plane. After Conroy admits to stealing the gold and killing Johnny, O'Rourke follows them to Caribou Flats, where Conroy takes Kay hostage. O'Rourke shoots Conroy and rescues Kay, after which they return home together and marry.