Business Services Industry
Late News.(Brief Article)
Business Insurance, August, 2002
Two WTC insurers seek single-occurrence ruling Two insurers representing $482.6 million of the World Trade Center's $3.55 billion in property insurance limits have filed new motions asking a federal judge to rule that the complex's destruction was a single occurrence. Allianz Insurance Co.
and Royal Indemnity Co. contend that the specific language of policies and binders they issued precludes the argument of WTC leaseholder Silverstein Properties Inc. that the Sept. 11 attack on the twin towers constituted two separate events triggering two $3.55 billion payouts. In addition, Allianz contends that the loss should be regarded as one occurrence under the ``vandalism and malicious mischief'' wording in its policy. HHS releases final medical privacy rule The...
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