ERisk | May 5, 2001

"Chalk up one victory for insurers in the escalating asbestos-claims: the Port Authority of New York & New Jersey has lost a 10-year-old court battle to get its insurers to pay more than $600 million for removing asbestos from its properties, including the World Trade Center and New York's airports. The judge ruled that asbestos abatement costs by themselves do not constitute 'physical loss or damage' under the Port Authority's all-risk policies. The agency is considering an appeal."