Penford Sues Insurers Over $50M In Flood Damage

Law360, New York (January 26, 2009, 12:00 AM EST) -- Penford Corp. is suing two of its insurers to obtain more than $50 million in insurance coverage for damage to its Cedar Rapids, Iowa, plant that occurred during record flooding in the area in June.

The Colorado-based maker of food and industrial ingredients filed the declaratory judgment suit Friday in the U.S. District Court for the Northern District of Iowa against ACE American Insurance Co. and National Union Fire Insurance Co. of Pittsburgh, which is a member of AIG.

Penford alleges that the companies failed to...
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