Judge Rules On Twin Towers Subrogation

MANHATTAN (CN) - A federal judge has ruled in a consolidated subrogation dispute pitting Allianz Insurance and SR International Business Insurance against World Trade Center Properties.

Allianz sought summary judgment "seeking a declaration that it shall be entitled to subrogation and priority of recovery over the World Trade Center Properties ('Silverstein Insureds') Cross-Claim Plaintiffs [SR International], against any third party to the extent of payment made by Allianz to the Silverstein Insureds".

U.S. District Judge Harold Baer concluded that "The Allianz excess policies provide for contractual subrogation and priority of recovery in the third party litigation to the extent of its payments to the Silverstein Insureds, as well as interest, costs, and attorney's fees incurred in the pursuit of such recovery."

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