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Plan for WTC site fuels claims fight.

Publication: Business Insurance
Publication Date: 14-AUG-06
Format: Online
Delivery: Immediate Online Access
Full Article Title: Plan for WTC site fuels claims fight.(World Trade Center)

Article Excerpt
Byline: DOUGLAS McLEOD

NEW YORK-A key World Trade Center property insurer is standing by its contention that modified rebuilding plans for the WTC site limit its obligation to pay claims for the complex's Sept. 11, 2001, destruction.

Allianz Global Risks US Insurance Co., which wrote $354.7 million of the WTC $3.55 billion program, said last week that the rebuilding plan's transfer of development responsibility away from WTC leaseholder Silverstein Properties Inc. changes the insurer's obligations under its policy.

Allianz's statement followed an announcement that two other WTC insurers-Zurich American Insurance Co. and Employers Insurance Co. of Wausau-had agreed that their payments will not be affected by the "conceptual framework'' that development officials completed in April to coordinate the rebuilding....

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