Ramaco secures $30 million insurance judgment
- Ramaco Resources secured a $30 million court judgment for its subsidiary in an insurance coverage dispute.
- A jury awarded Ramaco Resources $27.5 million for economic loss and $2.5 million for aggravation and inconvenience.
- The case involved an insurance claim related to a 2018 coal storage silo failure at the Elk Creek preparation plant.
Ramaco Resources (NASDAQ:METC) secured a $30 million court judgment for its subsidiary Ramaco Resources in an insurance coverage dispute against Chubb subsidiaries Federal Insurance Company and ACE American Insurance Company.
The judgment followed a lawsuit filed in August 2019 after the insurers denied a claim related to a partial structural failure of a coal storage silo at Ramaco’s Elk Creek preparation plant in November 2018.
The jury awarded Ramaco Resources $27.5 million for net economic loss and $2.5 million for aggravation and inconvenience, while the court will determine the remaining damages element related to attorney’s fees.
Ramaco Resources produces metallurgical coal used in steel production and operates mining and processing facilities in the United States.
The company said the judgment remains part of ongoing legal proceedings, with the court still expected to address attorney’s fees associated with the case.
