$2.8M Deal Capped Steel Explosion Coverage, Steadfast Says

Law360, New York (April 12, 2012, 12:38 PM EDT) -- Steadfast Insurance Co. filed suit in Illinois federal court Wednesday claiming that a $2.8 million settlement offer had satisfied its coverage obligations in an underlying suit filed by steelworkers over a 2007 explosion at an ArcelorMittal SA steel plant.

The suit stems from the insurer’s policy with Environmental Quality Management Inc., one of several defendants named in litigation by ArcelorMittal workers injured in the blast at the company’s Burns Harbor, Ind., plant.

Steadfast says EQM’s policy had a limit of $10 million. It offered to pay...
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