Reportedly Samsung Electronics report a damage suit, this is against FM Global in the United States with respect to the cold wave and blackout in 2021. The same has affected a semiconductor plant in Austin, Texas, respectively.
“The insurance company refused to fully cover the damage in order to reduce its insurance payment,” Samsung Electronics claimed, adding, “It breached the contract in an unfair and malicious way.”
While the cold wave in February 2021 resulted in a three-day blackout at the plant. Samsung Electronics, it subsequently extracts a month for the plant in order to return to normal mode after the plant failure. Also, talking about Samsung’s total damage then it comes across 400 billion won respectively.
On the other hand, Samsung allegedly claims US $400 million and FM Global paid US $126 million. This depends on exceptional provisions with respect to events covered outside of the insurance coverage.
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