A Cedar Rapids corn milling company is suing a unit of insurance giant AIG and another company, accusing them of acting in bad faith for refusing to pay flood insurance claims.
. is one of many eastern Iowa businesses suffering losses after massive flooding in eastern Iowa last June.
The company says it had a $300 million property insurance policy through an AIG unit and another insurance company, but has collected only $20 million on more than $50 million in claims.
Penford has filed suit against . of Pittsburgh, the AIG unit, and American Insurance Co. of Philadelphia.
Those companies are disputing some of the claims made under the complex policy.
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Information from: The Gazette, http://www.gazetteonline.com/
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