X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

A group of 10 syndicates at Lloyd’s of London and eight other insurers has filed suit against the Port Authority of New York and New Jersey, disputing the transportation agency’s claim that it is owed $2.1 billion to help rebuild part of New York City’s World Trade Center. The property in question was included as part of the 99-year lease agreement with Larry Silverstein.

The Port Authority joined Silverstein in suing the insurers of the trade center complex seeking a ruling that, because each tower was hit by a separate plane, the center’s destruction constituted two events for insurance purposes. Citing a federal jury’s agreement with Silverstein, the Port Authority also is seeking coverage for two separate losses on other property destroyed in the Sept. 11, 2001 attack.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • 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.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.