The jury in the World Trade Centre (WTC) insurance case has begun deliberating (Tuesday Australian time) in a New York court after hearing weeks of often-colourful testimony.

It must now decide if WTC leaseholder Larry Silverstein will get all, part of, or any of the more than $3.5 billion he is claiming from the consortium of insurers who covered the building.

The Willis proposal form (Wilprop) the insurers say they were operating under provides cover against a single event, and the insurers have already secured court agreement that the attacks on the twin towers was one event. The proposal form from Travelers – which Mr Silverstein insists was the one he was using – doesn’t define “event”.

The jury has to decide which – if any – insurers didn’t use the Wilprop form, and if not, which one they did use. Any insurers found to be bound by the Wilprop form will only have to pay their share of the $3.5 billion. Those bound under any other may face having to pay their share of $7.1 billion.

We’ll keep you posted on the result.