Imperial Sugar settles insurance claim

by Eric Schroeder
Share This:

SUGAR LAND, TEXAS — Imperial Sugar Co. on Dec. 28 settled the property insurance claim for the February 2008 industrial accident at its Port Wentworth, Ga., refinery for an aggregate of $345 million. The company said it expects to recognize pre-tax gains of approximately $278 million in its first fiscal quarter ending Dec. 31.

A final $45 million payment on the claim is expected to be received in early January. Previously, Imperial Sugar said the insurers had provided advance claim payments aggregating $300 million under the $350 million policy that provides for replacement cost coverage of physical property damage and business interruption coverage.

Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.



The views expressed in the comments section of Baking Business News do not reflect those of Baking Business News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.