Penford's $50M Flood Coverage Suit Sent To Trial

Law360, New York (January 21, 2010, 3:41 PM EST) -- Denying both sides’ motions for summary judgment, a federal judge has ruled that a jury must decide a suit filed by industrial ingredient maker Penford Corp. seeking $50 million in coverage from its insurers for damage to a Cedar Rapids, Iowa, plant during a 2007 flood.

Judge Linda R. Reade of the U.S. District Court for the Northern District of Iowa ruled Tuesday that a policy Penford bought from Ace American Insurance Co. and National Union Fire Insurance Co. was ambiguous and had to be resolved...
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