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ARCHER DANIELS MIDLAND v. HARTFORD FIRE INS.

No. 98-1608.

243 F.3d 369 (2001)

ARCHER DANIELS MIDLAND COMPANY, et al., Plaintiffs-Appellants, v. HARTFORD FIRE INSURANCE COMPANY, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided March 14, 2001.

Rehearing Denied April 3, 2001.

Attorney(s) appearing for the Case

Aubrey M. Daniel, III, Philip A. Sechler (argued), Williams & Connolly, Washington, DC, for plaintiffs-appellants.

Maynerd Steinberg, Daniel J. Zollner (argued), Lord, Bissell & Brook, Chicago, IL, Carl L. Favreau, Carbondale, IL, for defendant-appellee.

Before EASTERBROOK, EVANS, and WILLIAMS, Circuit Judges.

EASTERBROOK, Circuit Judge.

For many years Archer Daniels Midland (ADM) bought $50 million of business-interruption coverage from Employers' Insurance of Wausau. But when Wausau quoted a price increase of roughly $19,000 (from $43,750 to $62,500) for ADM's 1993 fiscal year, ADM deemed the premium excessive and went shopping for a bargain. This attempt to save $19,000 has cost ADM $50 million, for the replacement insurance did not cover the losses ADM sustained as...

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