Silverstein broadens WTC legal campaign.Silverstein Properties broadened its effort to recover over $7 billion worth of insurance proceeds by suing primary insurer Traveler's Indemnity Company last week. Silverstein also seeks to add 18 other insurers to the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. already in progress against Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. . To do this, however, the judge must amend Silverstein's counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. in the Swiss Re action. The suit against Travelers was filed last week in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of federal court, charging that the separate attacks were two isolated incidents resulting in two $3.55 billion recoveries. Silverstein has reportedly said that his business has incurred approximately $2 billion in losses from the business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. . Swiss Re, Travelers and over 20 other insurance companies participated in a $3.55 billion "per occurrence" insurance program on the World Trade Center complex that was finalized See finalization. in late July 2001. On Oct. 22, Swiss Re filed suit claiming that the attacks constituted one single $3.55 billion insurable event. They claimed in their suit that they could rely on a special definition of the word "occurrence" included in a form that was circulated to several insurance carriers on June 25. But Silverstein and the Port Authority's counterclaims against Swiss Re alleged that the form was superseded by another form prepared by Travelers Indemnity. This form didn't include the special definition of "occurrence." Also, Silverstein advised Swiss Re of this in an e-mail sent on July 23. Swiss Re admitted in the suit that it did receive the e-mail, which included a copy of the Travelers form. Under the current schedule, the issue will be submitted to the court for decision at the end of February 2002. |
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