NEW YORK JURY TRIAL OPENS ON INSURANCE CLAIMS FOR TWIN TOWERS.Jury selection started Feb. 4 for the first phase of the trial in U.S. District Court in Manhattan over how much insurers will have to pay New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of developer Larry Silverstein Larry A. Silverstein (born 1932 in Bedford-Stuyvesant in Brooklyn, New York) is an American billionaire real estate investor and operator and the head of Silverstein Properties, a real estate development group. for damage incurred to the Twin Towers of the World Trade Centers during the Sept. 11, 2001, terrorist attacks.
Silverstein has claimed he is entitled en·ti·tle
tr.v. en·ti·tled, en·ti·tling, en·ti·tles
1. To give a name or title to.
2. To furnish with a right or claim to something: to collect $6.6 billion from insurers on grounds there were two attacks, one on each tower, not just the $3.5 billion his policy limits him to for each "occurrence."
The first phase of the three-part trial focuses on what the insurance policy language was at the time of the attacks, the second phase on whether the attacks were one or two occurrences, and the third phase on the value of the actual loss.
Silverstein Properties hired Willis Wil·lis , Thomas 1621-1675.
English anatomist and physician known for his studies of the nervous system and the brain. He discovered the circle of Willis at the base of the brain. Group Holdings, a New York-based insurance brokerage firm, to buy its property insurance prior to its July 24, 2001, closing on the $3.2 billion WTC WTC World Trade Center, see there lease.
The brokerage obtained preliminary approval from 23 insurers to provide $3.5 billion in coverage per occurrence, which was defined by the brokerage form as damages attributable to a "series of similar causes."
On July 9, 2001, however, Travelers Property Casualty rejected the brokerage form and agreed to provide coverage based on its own form, which did not contain a definition of occurrence.
On July 12, 2001, the brokerage's primary broker, Timothy Boyd, wrote, to the other members of the brokerage: "Unless advised otherwise, I intend to bind as follows: Use Travelers and accept its form."
Silverstein argues the other insurers were aware the brokerage had switched to the Travelers form. Swiss Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Co. and other insurers argue the Travelers form only applied to Travelers and they had based their coverage on the brokerage form which defined "occurrence."
The insurers hope to persuade the jurors that notes scribbled by Silverstein's top insurance employee, Robert Strachan, show he knew what form was used, understood the definition of "occurrence" and knew WTC was underinsured un·der·in·sure
tr.v. un·der·in·sured, un·der·in·sur·ing, un·der·in·sures
To insure under a policy that provides inadequate benefits: Be certain that you are not underinsured against catastrophic illness. .
The insurers have evidence showing Strachan faxed a form twice to a government agency on which he had written, "FYI "For your information." See digispeak.
FYI - For Your Information , the 'occurrence' definition," pointing to language limiting the coverage to $3.5 billion per occurrence.
They also have notes showing on Sept. 12 after the attacks Strachan wrote during a conference call, "Underinsured WTC."
Silverstein's attorney, Herbert Wachtell, has argued the notes are irrelevant because the insurers had already agreed to provide coverage.