JURY AWARDS $2.2 BILLION IN 9/11 INSURANCE

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JURY AWARDS $2.2 BILLION IN 9/11 INSURANCE

Postby admin » Mon Sep 07, 2015 3:11 am

JURY AWARDS $2.2 BILLION IN 9/11 INSURANCE
by United Press International
12/6/2004

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NEW YORK -- A jury Monday said New York developer Larry Silverstein, who held the commercial lease of the World Trade Center, is entitled to $2.2 billion in insurance.

The jury's decision came after 11 days of deliberation and was double the insurance coverage provided by nine insurers at the office complex. Silverstein leased the center six weeks before it was destroyed by terrorists Sept. 11, 2001.

The New York Times reported Silverstein, who plans to use the money to rebuild the office buildings, said in a statement he was thrilled with the verdict, and that it would ensure a timely and complete rebuild of the World Trade Center.

A $1.5 billion, 1,776-foot-tall Freedom Tower is planned for the trade center site, but it's expected to cost more than $9 billion to rebuild the trade center.

Silverstein argued the two jet planes that slammed into the twin towers entitled him to a double payment of the $3.55 billion policy, or $7 billion.

The jury's decision, involving nine insurance companies, provides $1.1 billion of the $3.55 billion worth of coverage. If the verdict stands, the companies would be required to pay $2.2 billion.

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