This story is reprinted with permission from FC&&S Legal, the industry's only comprehensive digital resource designed for insurance coverage law professionals. Visit the website to subscribe.

A U.S. Magistrate Judge in New York has recommended that the Islamic Republic of Iran pay $221,505,968.40, in addition to prejudgment interest, to insurers that made payments to their insureds for property damage, business interruption, and other claims arising from the 9/11 terrorist attacks.

Background

On January 6, 2017, U.S. District Judge George B. Daniels of the Southern District of New York entered a default on behalf of Continental Casualty Company, Transcontinental Insurance Company, Transportation Insurance Company, Valley Forge Insurance Company, National Fire Insurance Company of Hartford and American Casualty Company of Reading, Pennsylvania (collectively, the Insurers) against the Islamic Republic of Iran (Iran) on claims arising under 28 U.S.C. § 1605A, and referred the calculation of damages to Magistrate Judge Sarah Netburn.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Commercial Lines
Corporate Risk
E&S/Specialty
Litigation
Loss Control
Personal Lines
Public Sector Risk
Reinsurance