Food companies face sky-high insurance rates over inflammable panelsPosted On: Jun. 7, 2019 6:27 AM CST
Australian food processing companies such as meat producers and dairy cooperatives are facing massive increases in insurance rates due to highly inflammable insulation panels installed at their plants, ABC News reported. Northern Co-Operative Meat Co. Ltd. is facing a threefold rise in insurance rates since 2017 and has chosen to underinsure its $200 million Australia ($139 million) meat processing plant. Dairy processor Norco Co-operative Ltd. is also facing an up to 30% increase in insurance rates and paying several millions of dollars to replace the panels at its factories.