WTC Insurer Sues to Limit Damages
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One of the World Trade Center’s insurers filed suit, asking a federal court to rule that the Sept. 11 attack on the twin towers, carried out by two hijacked planes, is one loss instead of two separate losses.
The suit, filed in Manhattan federal court by SR International Business Insurance Co., also known as Swiss Re, asks the court to determine how insurance funds will be distributed.
The suit claims that Larry Silverstein of Silverstein Properties Inc., operator of the trade center properties, has made comments to the news media that the firm is entitled to double the face value of insurance that Swiss Re and other insurers provided under the center’s coverage.
The suit also claims that Silverstein has characterized the attack as two separate losses, entitling the insured to twice the amount of insurance they bought.
Swiss Re is one of the insurers that participated in the $3.5-billion insurance program for the World Trade Center. Swiss Re states in the suit it agreed to pay 22% of the lessees’ coverage, which amounts to $770 million.
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