Because two jets struck the two towers at the World Trade Center, insurers must pay developer Larry A. Silverstein for two policy limits, not one, according to a jury verdict rendered December 6, 2004. The decision represents a $2.2 billion blow to the nine insurers directly affected by the jury verdict. Insurance experts predict it will have ripple effects throughout the insurance industry as others take the decision into account in pricing other commercial property exposures. "Towers' Insurers Must Pay Double" (The New York Times, December 7, 2004).
See earlier posting of online resources regarding the case at Unintended Consequences: WTC Coverage Dispute - Phase Two
Posted by dougsimpson at December 7, 2004 06:04 AM | TrackBack