Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

ConAgra plant explosion covered by insurance

Reprints

OMAHA, Neb.—ConAgra Foods Inc. said Thursday that property and liability insurance will cover losses the company suffered due to a plant explosion in North Carolina earlier this month.

In its fourth-quarter 2009 results, ConAgra said its comprehensive property and general liability insurance policies will provide “substantial and broad coverage” for the losses from the June 9 Slim Jim manufacturing plant explosion in Garner, N.C.

“The company anticipates that it will incur modest costs related to deductibles and copayment obligations under available insurance policies, as well as other one-time costs that are not currently expected to be material,” Omaha, Neb.-based ConAgra said in a statement.

The company said it expects any net gain or loss from insured losses, asset write-offs and insurance recoveries under the policies will affect earnings in fiscal year 2010, which began June 1.

ConAgra also maintains business interruption coverage that will respond to the reduced production and shipment of Slim Jim snacks. In a statement, ConAgra said it expects amounts received from the business interruption insurance to “substantially compensate for any forgone Slim Jim profits from the disruption, and thus will not treat any business interruption insurance proceeds as items impacting comparability.”

A message left with ConAgra seeking further information regarding its insurance policies was not returned immediately.