SUGAR LAND, Texas—Imperial Sugar Co. says it has settled a property insurance claim in the February 2008 explosion at its Port Wentworth, Ga., refinery for a total of $345 million.

But the Sugar Land, Texas-based sugar producer still faces directors and officers litigation related to the explosion that killed 14 people and injured 36 others, its 2009 annual report shows. A lawsuit filed in January 2009 against 12 current and former directors and officers, however, has been stayed pending an ongoing investigation by independent directors.

Imperial also faces 45 lawsuits filed by employees or their families and 28 third-party lawsuits related to the explosion that the U.S. Chemical Safety Board said was fueled by sugar dust. Trials for two of 45 worker lawsuits have been set for May 2010, the company said.

Imperial said in its annual report that it believes it has adequate workers compensation and liability insurance for the worker and third-party lawsuits after paying a $500,000 deductible.

But Imperial's work comp insurer notified the company that it anticipates charging it about $6.4 million due to “certain loss-based assessments the carrier expected to receive from the state of Georgia's Subsequent Injury Trust Fund,” according to the annual report. According to the Georgia State Board of Workers' Compensation documents, New Hampshire Insurance Co., a unit of New York-based American International Group Inc., provided workers compensation coverage for Imperial Sugar. AIG declined to comment.

Imperial Sugar’s workers comp policy requires it to reimburse the insurer for such an assessment, records show. The company said it is investigating a possible abatement and is unable to determine its ultimate liability for the trust fund assessment.

It also faces hearings in 2010 related to its appeals of U.S. Occupational Safety Health Administration citations totaling nearly $9 million, its annual report shows.

In a Monday statement, Imperial said it had settled a property insurance claim and expects a final $45 million payment in January 2010. Its property coverage for the explosion totals $350 million in limits and includes replacement cost coverage and business interruption insurance.

Imperial Sugar said it expects to complete reconstruction of the Port Wentworth facility next month.