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SR INTERNATIONAL BUSINESS INSURANCE v WORLD TRADE CENTER PROPERTIES Click to find out why . . .



Keywords & Phrases
CaseNo: SIBIVWTCP357891, Plaintiff: SR INTERNATIONAL BUSINESS INSURANCE, State: MN Minnesota, UniqueCaseRef: LCD>SIBIVWTCP357891, Swiss, Insurance, Trade, Coverage, Llc, York, Buildings, Attack, Silverstein, Port Authority, Obligations, Leases, Lessees, Tower, Damage, Wells Fargo, Terrorist Attack, Placing Slip, Undertaking, Travelers Policy, Underwriting Submission, Westfield Wtc Llc, Retail Mall, Wells Fargo Bank, Fargo Bank Minnesota, First-party Insurance Coverage, Rental Income, Signed Slips, Insurance Proceeds , ContentID: 120248343

Case Documents
1 2100-09-11 COMPLAINT
[ see first page and extracted highlights below  ] ItemID: 120247
15 pages
PDF
Total Documents: 1 document , 15 pages
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1 . COMPLAINT

EXTRACTED KEY WORDS
INSURANCE
TRADE
COVERAGE
LLC
YORK
BUSINESS
BUILDINGS
ATTACK
SILVERSTEIN
PORT AUTHORITY
OBLIGATIONS
LEASES
LESSEES
TOWER
DAMAGE
WELLS FARGO
TERRORIST ATTACK
PLACING SLIP
UNDERTAKING
TRAVELERS POLICY
UNDERWRITING SUBMISSION
WESTFIELD WTC LLC
RETAIL MALL
WELLS FARGO BANK
FARGO BANK MINNESOTA
FIRST-PARTY INSURANCE COVERAGE
RENTAL INCOME
SIGNED SLIPS
INSURANCE PROCEEDS
                                IN  THE  UNITED  STATES  DISTRICT  COURT
                              FOR  THE  SOUTHERN  DISTRICT  OF NEW  YORK



LTD.,

                                               Plaintiff,

                V.                                                               :  Civ.  No.

WORLD  TRADE  CENTER  PROPERTIES                              LLC;                  COMPLAINT    
SILVERSTEIN             PROPERTIES       INC.;  SILVERSTEIN                         DECLARATORY    
WTC  MANAGEMENT                  CO.  LLC;  WESTFIELD,                 INC.;
THE  PORT  AUTHORITY  OF  NEW  YORK  AND
NEW  JERSEY;  GMAC  COMMERCLAL                          MORTGAGE
CORPORATION;               UBS  WARBURG           REAL  ESTATE
INVESTMENTS               INC.;  WESTFIELD         WTC  LLC;
WESTFIELD         CORPORATION,            INC.;  WESTFIELD
AMERICA,        INC.;  1 WORLD  TRADE  CENTER  LLC;
2 WORLD  TRqDE  CENTER                  LLC;  4  WORLD
TRADE  CENTER  LLC;  5 WORLD  TRADE  CENTER
LLC;  and WELLS  FARGO  BANK  MINNESOTA,
N.A.,  AS  TRUSTEE           FOR  THE  REGISTERED
HOLDERS         OF  GMAC  COMMERCIAL                   MORTGAGE
SECURITIES,            INC.,  MORTGAGE-BACKED                   PASS-
THROUGH  CERTIFICATES,  SERIES 2001 -WTC,


                                               Defendants.



                       Plaintiff  SR International  Business Insurance  Co. Ltd. ("Swiss  Re"),  by

attorneys, Simpson  Thacher  & Bartlett,  brings  this Complaint  to obtain  an adjudication  of 

rights  and obligations  of  the parties under  certain  first-party  insurance  coverage 

September  11,200l  terrorist  attack on the World  Trade  Center.



                                                                                                   

                                            INTRODUCTION

                 1.      On or  about July  16, 2001, an investor  group  led by  Larry  Silversiein

SNIPPETS:
  • TRADE CENTER LLC; 5 WORLD TRADE CENTER
  • and WELLS FARGO BANK MINNESOTA,
  • Plaintiff SR International Business Insurance Co.
  • Ltd. ("Swiss Re"), by its
  • rights and obligations of the parties under certain first-party insurance coverage following
  • September 11,200l terrorist attack on the World Trade Center.
  • entered into 99-year leases with the Port Authority of New York and New Jersey for certain
  • buildings in the World Trade Center complex,
  • provide a share of approximately $3.5 billion in property damage insurance coverage.
  • Re's undertaking to insure was subject to the express condition that Swiss Re agree on the
  • Swiss Re is prepared to honor its insurance obligations following the
  • the potential payment to the Silverstein group for years of lost rental income
  • Defendant Westfield WTC LLC is a Delaware limited liability company
  • coverage procured by the lessees for Buildings 1,2,4 and S and the retail mall underneath the
  • The Port Authority owns Buildings 1 through 6 and the underlying land, the retail mall
  • LLC, and 5 World Trade Center LLC for Buildings I, 2,4 and 5 respectively (the tower leases).
  • On June 25,2001, Willis sent an underwriting submission and placing slip
  • lessees through Willis claimed that this Travelers policy governed the coverage undenvritten
  • the signed slips and WilProp2000,,.
  • lost rental income during a rebuilding period, payment of insurance proceeds to cover the
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