WTC builders tell 2 insurers to pay up

By
March 13, 2007 03:38

 
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World Trade Center builders rallied with hundreds of construction workers Monday to protest stalled payments by two insurers, saying their failure to pay is jeopardizing ground zero rebuilding. Trade center developer Larry Silverstein, Port Authority of New York and New Jersey executive director Anthony Shorris, lawmakers and labor leaders rallied outside a midtown Manhattan hotel where the National Association of Insurance Commissioners was meeting, saying insurers Allianz and Royal & Sun Alliance UK are delaying rebuilding. The two insurers are among those that have not agreed to pay their part of $4.6 billion (€3.5 billion) in insurance money being used to design and rebuild five office towers on the 16-acre (6 1/2 hectares) site, the officials said. Allianz and Royal owe about $800 million (€608 million), said Edward J. Malloy, president of the Building & Construction Trades Council of Greater New York. Said Silverstein: "The insurers will fight tooth and nail to avoid paying legitimate debts. ... We will not stand by while they duck their obligations to New York and this nation."

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