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Member, Beacon International Group, Ltd.
NEW YORK--A federal judge overseeing the World Trade Center property insurance litigation has sealed documents produced by Willis Group Holdings Ltd. related to the brokerage's potential errors and omissions exposure on the placement.
U.S. District Judge John S. Martin ruled yesterday that Willis communications regarding its E&O coverage will remain under seal. Judge Martin ruled earlier this month that London-based Willis must produce the documents demanded by WTC insurer Swiss Reinsurance Co., which is seeking to show that Willis officials' worries about an E&O claim influenced their testimony in favor of WTC leaseholder Silverstein Properties Inc.
Meanwhile, Silverstein issued a statement denying any plans to sue Willis over the $3.55 billion property placement, final terms of which had not been agreed when terrorists destroyed the complex on Sept. 11, 2001.
Lawyers for Silverstein principal Larry Silverstein have "thoroughly reviewed the documentation related to the placement (and have) also been present at all depositions and (have) questioned all Willis employees relevant to the placement.
"Mr. Silverstein and his organization have never contemplated any such claim against Willis and have no intention of doing so in the future," a statement said.
Silverstein contends that the WTC's destruction represented two occurrences triggering two $3.55 billion payouts, while insurers say that the Willis policy form they agreed to limits the claim to a single occurrence.