Orient Overseas Associates, the owner of The Wall Street Plaza building in the Financial District, sued Thursday to recover at least $80 million from insurers who allegedly stiffed them on cleanup and other Sandy-related recovery costs, Law360 reported.
The suit also named the building’s property manager, Cushman & Wakefield, alleging the firm failed to alert Orient to possible policy limits for flooding.
Cushman, Orient said, should be liable for anything over $5 million that isn’t covered by insurers.
Orient said it had policies of varying values with XL Insurance American, Ace American Insurance, Arch Insurance and Westport Insurance to Cover Wall Street Plaza in the event of some catastrophe, including flooding, according to the suit, filed in New York State Supreme Court. To date, insurers have allegedly paid $3.2 million on Orient’s claims, thus allegedly failing to honor the terms of the policies.
Law360 did not include a comment from Cushman or the insurers. [Law360] –Julie Strickland