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PA in
latest WTC insurance battle
The insurance battles over the World
Trade Center site seem to be fated to go on forever. Just
as Larry Silverstein has finally convinced the court that
his insurers owe him money for two separate terrorist attacks,
Lloyd's of London has filed a lawsuit against the Port Authority
of New York and New Jersey, claiming the agency's demands
for $2.1 billion in insurance money to rebuild WTC are unreasonable.
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The
Port Authority has already received $950 million for damages
incurred on September 11.
However, as both the PA and
Silverstein are still pressed for money to complete the reconstruction
of the entire WTC site, the agency has asked its insurers
for more than $1 billion in additional funds.According to
Lloyd's of London, the properties were leased to Silverstein
Properties at the time of the attacks and it is Silverstein's
insurance coverage that should be used for rebuilding.
The
PA, on the other hand, wants to seek damages for two catastrophic
events instead of one, making it eligible for about $1.5 billion
more in insurance money.According to Robert Hartwig, chief
economist with the Insurance Information Institute, it is
highly unlikely the lawsuit will be resolved in the PA's favor.
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