No Winners On WTC
The trial over coverage for the World Trade Center was not theindustry's finest hour, despite the fact that the verdict wastechnically a “victory” for the 10 carriers let off the hook.
No insurer would be so insensitive as to dance in the streets tocelebrate the jury's decision to deny WTC leaseholder LarrySilverstein's double-payment claim for the Sept. 11 terroristattack. However, I would bet there were plenty of sighs of reliefand a few high-fives in the executive suites of the carriers toldtheir policy form only provided for a single-occurrence limit. Theverdict saved the industry some $2 billion in potentialpayouts.
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