Ramaco Resources wins $30 million jury verdict in insurance dispute against Chubb subsidiaries
A federal jury in West Virginia found Ace and Federal Insurance Company liable for damages tied to Ramaco's claim denial over a 2018 silo failure. Attorney's fees will be decided later, and the defendants may file post-trial motions and appeal.
By Isha Marathe Sept 28 (The Insurer) — A federal jury awarded US coal mine operator Ramaco Resources $30 million in a dispute against Chubb subsidiaries Ace and Federal Insurance Company. Chubb did not immediately respond to a request for comment. The lawsuit stems from the insurers' denial of Ramaco's insurance claim following a partial structural failure of a raw coal storage silo at the Elk Creek preparation plant in November 2018. Ramaco sued in August 2019, seeking a declaratory judgment that the silo collapse was an insurable event and allegedly required coverage under the applicable policy.
5 million. "The company is grateful to the jury for its careful consideration of the facts and for delivering a just verdict that recognizes the harm we suffered by the insurance carriers' wrongful delay in payment of a legitimate insurance claim that we filed in 2019," said Randall Atkins, chairman and CEO of Ramaco Resources. The jury's verdict resolved two of the three elements of damages in the matter. The remaining one, attorney's fees, was not decided by the jury and will be determined by the court at a later date.
The defendants may file post-trial motions within 28 days of the entry of judgment and will have 30 days from the date of entry of the final judgment to file a notice of appeal.