Allianz Has Priority Over Silverstein For 9/11 Recoveries

NEW YORK - A New York federal judge has given Allianz S.E. priority over World Trade Center leaseholder Silverstein Properties Inc. in recoveries from third parties for damages arising from the Sept. 11, 2001 terrorist attacks. SR International Business Insurance Co. v. World Trade Center Properties LLC, et al. (No. 01-9291, S.D. N.Y.).

On June 10, Judge Harold Baer Jr. of the Southern District of New York ruled that the policies provide for subrogation and give priority of recovery to Allianz.

Allianz Global Risks U.S. Insurance Co. issued two excess property coverage policies to World Trade Center Properties LLC, …