In SR International Business Ins. Co. Limited v. World Trade Center Properties LLC, No. 01 Civ. 9291 (HB), 2006 WL 3073220 (S.D.N.Y. Oct. 31, 2006), the U.S. Court for the Southern District of New York ruled that, under six policies bound by Travelers, ISO, and IRI, recovery for the World Trade Center properties is to measured on an “as was” basis.

The insurers moved for summary judgment seeking a declaration that replacement costs recovery for the World Trade Center properties destroyed by the September 11, 2001, terrorists attacks should be capped “at the amount it would cost to rebuild the WTC precisely as it existed on September 11, 2001.”