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Quote of the Day - We are never prepared for what we expect. - James A. Michener, Caravans
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Mixed Bag of Insurance Coverage For Two Towers

Here's the follow-up story to one published here last September about the loss of the World Trade Center towers.

On remand from the Second Circuit, the federal jury held that the majority of the insurers on the risk were bound to pay for only one loss instead of two. The owner of the building argued for two occurrences. He lost.

But, he still has hope against Swiss re.

The buildings' owner, Larry Silverstein, won against three of the insurance companies in the trial -- Royal & Sun Alliance Insurance Group Plc, Hartford Financial Services Group's Twin City Fire Insurance Co. and Zurich Financial Services AG, representing about $176 million of coverage. The jury found that they didn't offer policies based on the form defining the attacks as one loss.

It's not over yet, though. Predicition? Settlement. Neither side can afford a losing a total victory.

Printer friendly page Permalink Email to a friend Posted by J. Craig Williams on Sunday, May 02, 2004 at 10:05 Comments Closed (0) |
 
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