Claims News Service, July 24, 2:19 p.m. EDT -- Trying to stave off any further delays in obtaining insurance claim payments for the reconstruction of the World Trade Center site, New York Comptroller William C. Thompson, Jr. sent letters to five major insurance and reinsurance companies last week asking that all claim payments be made without delay.
According to the Comptroller's web site, Zurich Financial Services, Allianz Global Risks U.S. Insurance, Swiss Re Insurance America, Royal & SunAlliance, and St. Paul Travelers all received letters that made accusations of delayed payments and encouraged each company to meet its obligation to its policyholders.
Each letter was similarly phrased, with Thompson expressing his "deep frustration" at efforts he deemed as "pretextual" and "in bad faith." He urged all companies to drop their resistance to settling the claims in order to allow development in lower Manhattan to continue. The letters also allude to the fact that claim-payment delays are due to technicalities simply because the World Trade Center site's reconstruction responsibilities were transferred to a bi-state agency.
The complete text of each letter can be found by clicking here.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.