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News round-up - WTC - Insurance trial starts.
(From Reinsurance)
The first trial to decide how much money will be paid out for the destruction of the World Trade Centre (WTC) on 11 September 2001 has begun in New York.
At the heart of the trial is the issue of whether or not the attack on the towers constituted one event or two. If it is finally agreed that it was two events then leaseholder Larry Silverstein will receive a $7bn payout. However, if it constituted one then the insurance companies involved will only have to pay Mr Silverstein $3.5bn.
The insurers, who include Swiss Re, are arguing that the dominant insurance policy on the day of the attack was a form called WilProp, under which the attack was one event. Lawyers for Mr Silverstein dispute this, saying that an insurance policy from Travelers Property Casualty was ...
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- Magazine article from: Business Insurance McLeod, Douglas December 13, 2004 700+ words
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...story, page 6). Mr. Silverstein described himself as...involved in obtaining the WTC's insurance. He...lead attorney for Mr. Silverstein. He recounted that...563 million to Mr. Silverstein for his WTC lease--had a time...
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