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Federal Insurance Co. paid $20 million for...

Federal Insurance Co. paid $20 million for claims on drought insurance it issued to farmers in seven Midwestern states, its parent company, Chubb Corp., announced. Federal also paid $11 million in “good-will” payments to farmers who applied for the insurance but did not receive coverage, Chubb said. Warren, N.J.-based Chubb, the nation’s 16th-largest property and casualty insurer, was criticized this summer for backing away from an insurance offer that would pay off if there was not enough rain.


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