WTC case goes to a jury
World Trade Centre leaseholder Larry Silverstein will have to plead his case against his insurers in front of a jury. A circuit court in New York has decided that Mr Silverstein’s case – which revolves around whether the collapse of the twin towers on September 11 2001 was as a result of one occurrence or two – should be decided by 12 ordinary New Yorkers.
An uncompleted insurance arrangement between Mr Silverstein and an insurance consortium of 24 assembled by broker Willis contained some ambiguity in its initial wording, with the insurers maintaining the September 11 disaster was one occurrence. If they can prove it, this will effectively halve the amount they must pay Mr Silverstein.
The policy provided coverage of $5.2 billion per occurrence.
Mr Silverstein said in a statement that while he had hoped the judge would decide the case, “we are fully confident that a jury hearing all the evidence will reject the insurers’ attempt to avoid paying for the cost of rebuilding the World Trade Centre”.