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Brookfield insurance totals $50M so far.

Brookfield Properties Corporation reported on the status of its insurance coverage. In relation to the events of Sept. 11, Brookfield has been working with its insurers to process claims in a timely fashion. No issues have been identified relating to the company's insurance coverage and to date approximately $50 million has been received, for property and business interruption claims relating to One Liberty Plaza and One World Financial Center. Towers Two and Four of the World Financial Center are covered by insurance in place under tenant leases.

Brookfield has also been successful in placing new business interruption, casualty and property insurance to cover the replacement cost of its properties, effective Oct. 31. The company's insurance covers liability risk for terrorism but excludes it for property and business interruption coverage. Brookfield and other real estate owners are working with the insurance industry and the US government to ensure that the government, supported program being proposed for terrorism risk is enacted at the earliest practical opportunity. Brookfield and other real estate owners have also raised this issue with the Canadian government.

Brookfield Properties Corporation, with over $.8 billion in assets, owns, develops and manages premier North American. office properties. The Brookfield portfolio spans 55 commercial properties and development sites totaling 45 million SF, including landmark properties such as The World Financial Center in New York and BCE Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Nov 7, 2001
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