Madison County Courthouse
The Telegraph
EDWARDSVILLE – Alton Steel has filed suit in Madison County Circuit Court asking for $5.3 million from an insurance company it claims failed to pay a legitimate claim.
The company claims Sompo Insurance Co. of New York failed to pay “breakout” insurance, that, is, insurance for loss of business as a result of an adverse event, as well as cost of repair to a furnace.
Alton Steel claims it was insured for, among other things, compensation for lost of business after damage to its arc furnace, furnace components, hydraulic equipment and other equipment.
The steel company is asking for damages of $800,000 for repair of the damage. The plaintiffs are asking for damages for $4.5 million in loss of business while the furnace was being repaired.
Alton Steel is also asking for interest on the amount owed, the cost of litigation and other relief.
The steel company is represented by Masini, Vickers & Hadsell of Chicago. The insurance company did not immediately respond to a request for comment.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.