WTC Loss: The $3.5 Billion Question
Was the destruction of the Twin Towers on Sept. 11 one or two insurable occurrences? That is the key question facing a federal trial court in Manhattan. WTC leaseholders, principally Silverstein Properties Inc., and a number of insurers, excess carriers and reinsurers are battling over whether the insurance payout should be $3.5 billion or $7 billion.
The District Court recently ruled that it will hold a separate trial on which insurance policy controls the matter and on whether there was one or two occurrences. Jury selection begins Nov. 4.
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