WTC Loss: The $3.5 Billion Question
Was the destruction of the Twin Towers on Sept. 11 one or twoinsurable occurrences? That is the key question facing a federaltrial court in Manhattan. WTC leaseholders, principally SilversteinProperties Inc., and a number of insurers, excess carriers andreinsurers 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 separatetrial on which insurance policy controls the matter and on whetherthere was one or two occurrences. Jury selection begins Nov. 4.
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