Content area
Full Text
Westfield America Trust and Zurich American Insurance Co. have agreed to dismiss litigation over insurance coverage for retail areas of the World Trade Center and to go to binding arbitration to resolve any coverage issues. In addition, the agreement caps Zurich's exposure at $55 million should it be obligated to pay claims under a future arbitration. The dispute centered on whether the retail space in the World Trade Center was covered under a property insurance policy written by Zurich that covered Los Angeles-- based Westfield's entire shopping center portfolio. Westfield signed a lease on the World Trade Center property last July, but did not inform Zurich of the addition to its portfolio until Sept. 14, three days after the complex was destroyed.