A group of insurers are suing the Port Authority of New York andNew Jersey, the owner of the World Trade Center site in lowerManhattan, over the agency's new claim it is separately insured fora $2.1 billion "shortfall" in the WTC leaseholder's propertyinsurance.
The plaintiffs are a group of 10 syndicates at the Lloyd'sinsurance market as well as eight other insurers: Axa Global RisksLtd., Copenhagen Reinsurance, Great Lakes Reinsurance (UK) Ltd.;Houston Casualty, QBE International Insurance, Sirius InternationalInsurance Corp., Wurttembergische Versicherung AG and ZurichSpecialties London Ltd. The insurers' complaint was filed Thursdayat the Manhattan federal court in New York.
The Port Authority had worked with WTC leaseholder LarrySilverstein in his legal fight against insurers for more than threeyears regarding coverage under Mr. Silverstein's $3.546 billionper-occurrence property insurance for the Twin Towers.
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