Insurers Dispute Liability For NYC Tower's Sandy Flood Losses

Law360, Chicago (May 21, 2013, 2:11 PM EDT) -- Aspen Specialty Insurance Co. and Landmark American Insurance Co. on Friday sued the HSBC Alternative Investments Ltd. and Edge Fund Advisors joint venture that bought a Manhattan office building last year, alleging that a $19.2 million deductible applies for any coverage they may owe for losses from Superstorm Sandy.

The insurers assert that because of that deductible, they have no liability to the joint venture, 4 NYP Ventures LLC, until that company shows that it has suffered more than $69.2 million in covered flood losses at...
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