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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.
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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