No Winners On WTC
The trial over coverage for the World Trade Center was not the industry's finest hour, despite the fact that the verdict was technically a “victory” for the 10 carriers let off the hook.
No insurer would be so insensitive as to dance in the streets to celebrate the jury's decision to deny WTC leaseholder Larry Silverstein's double-payment claim for the Sept. 11 terrorist attack. However, I would bet there were plenty of sighs of relief and a few high-fives in the executive suites of the carriers told their policy form only provided for a single-occurrence limit. The verdict saved the industry some $2 billion in potential payouts.
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