N.Y.-N.J. Port Authority, WTC developer receive $12.5 million from TIG
The Port Authority of New York and New Jersey and Silverstein Properties, developer of the World Trade Center, will collect $12.54 million from insurer TIG.
Three years ago, a federal jury decided that a collection of 10 insurers, including TIG, were responsible for the 24 insurance policies on the World Trade Center. At this time, there are still outstanding balances totaling $2.14 billion.
TIG has already paid $9.1 million of their debt, but this ruling requires that they pay a full second occurrence payment of $9.1 million (because each tower was ruled to be a separate incident), plus an additional $3.45 million of prejudgment interest.
The port authority and Silverstein Properties are also embroiled in a $1 billion lawsuit with the Royal Sun and Alliance group for $250 million in unpaid claims and $750 million in punitive damages.
N.Y.-N.J. Port Authority, WTC developer receive $12.5 million from TIG
