Citigroup, Inc. v. Industrial Risk Insurers

In November 1988, Citigroup, Inc. entered into a 20-year lease agreement with 7 World Trade Company (“7WTCLP”) for twenty-four of forty-seven floors at 7 World Trade Center.1 The lease allocated to each party sole and exclusive responsibility for insuring its own property. It obligated Citigroup to carry insurance on “Tenant’s Property,” defined as property “which can be removed without jeopardizing the structural integrity of the Building” or causing “irreparable damage to ... the Building systems.” It obligated 7WTCLP to carry insurance on “Landlord’s Property,” defined as property that…