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WTC coverage dispute widens; Silverstein sues insurers over property near twin towers.(News)
Business Insurance, May, 2003
Byline: DOUGLAS McLEOD NEW YORK-World Trade Center leaseholder Silverstein Properties Inc., already embroiled in litigation over property coverage for the WTC's twin towers, has launched a new lawsuit against insurers of another building destroyed in the Sept. 11, 2001, terrorist attack. Silverstein last week filed suit against Industrial Risk Insurers and Westport Insurance Corp., charging that they plan to pay only about half the $860.1 million limit on a policy covering 7 World Trade Center, a 47-story office building that caught fire and collapsed several hours after the towers fell.
IRI and Westport, units of General Electric Co.'s Employers Reinsurance Corp., have already advanced $440.8 million on the loss, which Silverstein says will allow it to...
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