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ROAD TO A RECOVERY.(Silverstein Properties Inc. v. Swiss Reinsurance Co.)(Chronology)(Brief article)
Business Insurance, May, 2007
Tags: insurance company, Swiss Reinsurance Co.
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July 2001: Silverstein Properties Inc. closes on 99-year lease for the World Trade Center and binds $3.55 billion in insurance coverage, though most final policy documents are not issued and various insurers bind to different coverage wordings. Sept. 11, 2001: Terrorists fly two commercial jets into the Twin Towers, killing 2,750 and destroying the buildings.
Shortly afterward, Silverstein seeks a double limit from its insurers, saying the attacks constituted two occurrences. Insurers argue that the buildings were destroyed by one coordinated attack and one limit applied. ...
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