NYC Building Owners Sue For $80M In Sandy Flood Coverage

By Juan Carlos Rodriguez (July 1, 2013, 1:53 PM EDT) -- The owners of the Wall Street Plaza building in New York City's financial district on Thursday sued to recover at least $80 million from several insurers who allegedly stiffed them on cleanup and other recovery costs related to damage the building sustained during Superstorm Sandy.

Building owner Orient Overseas Associates said in a complaint filed in New York state court that it had policies of varying values with XL Insurance American Inc., Ace American Insurance Co., Arch Insurance Co. and Westport Insurance Corp. to cover Wall Street Plaza in the event of some catastrophe, including flooding.

After the October storm, the...

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