A Manhattan federal jury has ruled in favor of World Trade Center leaseholder Larry Silverstein, declaring that the hijacked planes that destroyed the Twin Towers count as two separate attacks for insurance purposes.
"This is a win for all New Yorkers," Silverstein said. "Today's decision means an additional billion dollars of insurance proceeds will be available, which, together with Liberty Bonds, will ensure a timely and complete rebuild of the World Trade Center. I strongly felt, and the jury agreed, that the destruction of the Twin Towers by two separate airplanes at two separate times was two separate occurrences and that these insurers have an obligation to pay their fair share to help make Lower Manhattan whole again."
In the second phase of Silverstein's suit against his insurers, nine companies argued that the Sept. 11, 2001, attack against the complex should be defined as one compensable event. Together, the nine insurers — Allianz, Industrial Risk Insurers, Travelers, Royal Specialty, Gulf, Zurich American, TIG, Twin City, and Tokio Fire and Marine — represent $1.132 billion of the $3.55 billion of overall property coverage on the towers.
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