NewsMine — 9-11 — insurance-scam — Viewing Item

Judge decided attack is two events { December 6 2004 } Original Source Link: (May no longer be active)    http://www.washingtonpost.com/wp-dyn/articles/A40698-2004Dec6.html http://www.washingtonpost.com/wp-dyn/articles/A40698-2004Dec6.html Judge Decides Attack on World Trade Center Is Two Events for Insurance Purposes The Associated Press Monday, December 6, 2004; 5:45 PM NEW YORK -- A federal jury decided today that the destruction of the World Trade Center was two events for insurance purposes, meaning leaseholder Larry Silverstein can collect twice from companies because separate planes hit two towers. The verdict in Manhattan federal court is the latest twist in Silverstein's efforts to turn his $3-and-a-half (B) billion dollar insurance policy on the trade center complex into a $7 (B) billion dollar payout. The jury was asked to rule on whether the terrorist attack could be considered one or two events for nine of the trade center's 24 insurance companies. Silverstein and redevelopment officials have promised to rebuild the trade center complex in the next decade, including offices, a memorial and cultural buildings. In her closing argument, lawyer Carolyn Williams argued on behalf of the companies that the hijacked planes were like guided missiles. She told the jury that the insurance payout shouldn't depend on whether terrorists used "one or two or 10 or 100 weapons." The insurance companies involved in the case are: Travelers Indemnity, Industrial Risk Insurers, Royal Indemnity, Allianz Insurance, Tokio Marine and Fire Insurance, Twin City Fire Insurance., Tig Insurance., Westfield WTC LLC and Zurich American Insurance. (Copyright 2004 by The Associated Press. All Rights Reserved.)

Developer in insurance showdown Judge decided attack is two events { December 6 2004 } Leaseholder fights over insurance claim { February 7 2004 } Silverstein signed lease for buildings weeks before attacks Silverstein wanted to close deal quick before attacks Files Listed: 5

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