Transformer oil rerefiner Hydrodec has settled with its insurers on a $20 million claim following the fire damage its Canton, Ohio, rerefinery incurred last December. The British company confirmed that the reconstruction and upgrade of its Canton plant is on schedule for early 2015 completion.
After $1.25 million in deductions to account for excesses, Hydrodec will receive a total cash payment of $18.75 million. Hydrodec collected around $15.7 million in interim payments while working with independent loss adjusters and the insurance company to resolve the claim and is awaiting the final $3.05 million.
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