Cover for WTC towers placed by Willis

North America

Workers’ compensation, general liability, excess liability, and specialty insurance programs for the rebuilding of the World Trade Center towers were recently placed according to Willis, the lead broker for the development company, Silverstein Properties. Redevelopment of the site, which is currently being made safe and generally prepared for building work by the Port Authority of New York (the legal owner of the site) is due to start soon. Workers’ compensation and general liability cover is being provided by AIG. An excess liability insurance program, which provides additional protection to the general liability cover in place, is led by Ace USA. Other insurers on the excess liability program include Aspen, AWAC, Lexington and XL Insurance. Lloyd’s of London Beazley syndicate is also providing specialized protection. The policy terms for all placements cover the entire period of construction. Willis, which is acting as the lead broker for Silverstein Properties, said that additional business will be placed in June this year when the builders’ risk (property under construction) insurance programs begin.