World Trade Center insurers sued

The developer of the World Trade Center (WTC) Larry Silverstein alongside The Port Authority of New York and New Jersey are suing the seven WTC insurers due to payment delays, which the Port Authority says are required if the site is to be rebuilt.
The action, filed in the Supreme Court of the State of New York, cites the insurers Allianz Insurance Company; Industrial Risk Insurers; Travelers Indemnity Company; Royal Indemnity Company; Gulf Insurance Company; Zurich American Insurance Company; and Employers Insurance of Wausau and claims the WTC cannot be rebuilt without funds owed by these named insurers.
In the legal action Silverstein says specific insurers suggested monthly payments may freeze as a result of a new deal. The deal titled Conceptual Framework, shifts responsibilities and financing between Silverstein and the Port Authority.
In a recent statement both Silverstein and the Port Authority say they have been trying to confirm whether or not the insurers will not use the Conceptual Framework, which is cited as an agreement that realigns the interests in the World Trade Center site in order to facilitate its prompt redevelopment. The statement indicates that not using this new agreement would be the insurers excuse to avoid their insurance obligations.”
“Time and again, they have refused to provide assurance that the insurance recovery will not be impacted by the Conceptual Framework, Silverstein and the Port Authority say in the statement. Not having received these assurances, we have brought an action in order to enlist the aid of the court in ensuring the prompt redevelopment of the World Trade Center site.
Under the complaint, it must be stated that the Conceptual Framework does not change the insureds’ rights to receive the full amounts the insurers currently owe and must pay in the future.
The insurers involved are said to be continuing their challenge against the court rulings that award the proceeds