Thursday, August 24, 2006

The Battle For Ground Zero, Part 161

Another insurer that balked at providing insurance proceeds to the Port Authority instead of Larry Silverstein has agreed to provide the disbursements to the Port Authority:
Industrial Risk Insurers was one of seven companies sued in June by the Port Authority and developer Larry Silverstein for withholding payment of claims needed for the project to move forward.

It has now become the third to agree not to stand in the way of the rebuilding, joining Zurich American Insurance Co. and the Employers Insurance of Wausau, aides to Gov. Pataki said.
More than $1 billion was being held up by the seven companies that were withholding payment.

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