July 20, 2021 - Ramaco Resources was awarded a $32.7-million jury verdict in its lawsuit against insurance companies owned by Chubb.
The claim arose from Chubb’s denial of insurance coverage of damages suffered by the company from the collapse of a coal storage silo at its Elk Creek coal complex, in West Virginia in 2018.
Last week, the jury awarded Ramaco $7.7-million in compensatory damages and an additional $25-million for inconvenience and aggravation. The company cautioned that the verdict is not final and that it may be subject to post-trial motions or appeals.
Ramaco is an operator and developer of metallurgical coal in southern West Virginia, south-western Virginia and south-western Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia.
The company has five active mines within two mining complexes.