Reinsurer SCOR has asked that the recent $2 billion settlement of World Trade Center claims between Silverstein Properties and several insurers be sent to arbitration because it believes that the terms with one of the insurers, Allianz Global Risks U.S. Insurance, do “not respect the terms and conditions of the Certificate of Reinsurance between SCOR and Allianz.”
SCOR is a reinsurer of Allianz Global Risks U.S. Insurance on the Silverstein property and casualty insurance policy.
SCOR reported that it has informed Allianz that this settlement “exceeds the contractual requirements and contains ex gratia elements.”
Under the terms of the clause set out in the Certificate of Reinsurance, SCOR has requested that this case be referred to arbitration.
Source: SCOR
Topics Claims Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Travelers Stranded by War Learn Insurance Won’t Cover Flight Cancellations 
Georgia Teacher Killed When Toilet Paper Prank by Students Goes Wrong 
Dubai Flights Disrupted After Drones Injure Four Near Main Airport 
