Twin Towers Insurance Policy

A spokesman for mr silverstein denied he had set out to save on insurance costs by not buying enough cover. A federal judge on thursday rejected a lawsuit by the developer of new york s world trade center seeking to take a 14 million cut of a settlement between its insurer and airlines over the sept. The upper limit on his policy.

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Larry silverstein signed the lease just six weeks before the wtc s twin towers were.

Twin towers insurance policy. Zurich financial services and the us insurer twin city fire insurance used a second looser policy. Silverstein under insured twin towers. Mr silverstein has argued that the destruction of the twin towers was caused by two events. For each tower as much as 7 billion.

Silverstein who has won nearly 4 6 billion in insurance payments to cover his losses and help him rebuild at the world trade center site is seeking 12 3 billion in damages from. The finding in u s. Before 9 11 covered terrorist incidents as. The insurance policies for world trade center buildings 1 wtc 2 wtc 4 wtc and 5 wtc had a collective face amount of 3 55 billion.

Following the september 11 2001 attacks silverstein sought to collect double the face amount 7 1 billion on the basis that the two separate airplane strikes into two separate buildings constituted two occurrences within the meaning of the policies. Most significantly silverstein changed the standard policy on the buildings to include a clause covering the occurrence of a terrorist attack just such an attack happened on september 11th 2001 fewer than two months after silverstein took out the new insurance policy peculiarly silverstein should have been in the twin towers when the planes hit silverstein ate at the windows of the. The insurance policies of. Such exclusions aren t uncommon now but according to the insurance information institute virtually all commercial insurance policies sold in the u s.

District court in manhattan means leaseholder larry silverstein may collect up to 4 6 billion according to reports. The insurance companies. A federal jury on monday ruled that the assault on the twin towers of the world trade center was in fact two occurrences for insurance purposes. At issue is whether the two aeroplanes crashing into the world trade centre s twin towers represented one occurrence insured for 3 5 billion or two insured for double that amount.