The latest ruling in a New York court battle between insurers and the World Trade Centre (WTC) leaseholder, has strengthened the insurers' case. That's according to Swiss Re.
The latest ruling in a US court battle between insurers and the World Trade Centre (WTC) leaseholder, has strengthened the insurers' case. That's according to Swiss Re.
The dispute centres over whether the attacks on the WTC represented one event or two for insurance purposes.
The judge said yesterday that he accepted Allianz's case that its policy was fully completed at the time of the attacks, and that it alone governs the insurance coverage that Allianz provided to Silverstein.
Global reinsurance giant, Swiss Re, welcomed the ruling. The company said it put paid to Silverstein's arguments that most of the insurance is governed by a policy designed by Travelers Property Casualty, which would make it easier for him to claim for two events.
Swiss Re America chief executive Jacques Dubois told Reuters: "The ruling means Allianz is bound by its own Allianz policy and confirms our position that insurers are bound by their own policies. It means you cannot be bound by someone else's policy."
Twenty insurers, led by Swiss Re, have argued the WTC complex was one single insured property hit by one grouping and therefore constituting one event with an insured value of some $3.5bn (£2.2bn).
While both sides have been battling, individual insurers have been seeking quick decisions to further their case - such as Allianz' motion.
