Printer Friendly

Silverstein broadens WTC legal campaign.

Silverstein Properties broadened its effort to recover over $7 billion worth of insurance proceeds by suing primary insurer Traveler's Indemnity Company last week. Silverstein also seeks to add 18 other insurers to the litigation already in progress against Swiss Re. To do this, however, the judge must amend Silverstein's counterclaim in the Swiss Re action.

The suit against Travelers was filed last week in New York federal court, charging that the separate attacks were two isolated incidents resulting in two $3.55 billion recoveries. Silverstein has reportedly said that his business has incurred approximately $2 billion in losses from the business interruption.

Swiss Re, Travelers and over 20 other insurance companies participated in a $3.55 billion "per occurrence" insurance program on the World Trade Center complex that was finalized in late July 2001.

On Oct. 22, Swiss Re filed suit claiming that the attacks constituted one single $3.55 billion insurable event. They claimed in their suit that they could rely on a special definition of the word "occurrence" included in a form that was circulated to several insurance carriers on June 25.

But Silverstein and the Port Authority's counterclaims against Swiss Re alleged that the form was superseded by another form prepared by Travelers Indemnity. This form didn't include the special definition of "occurrence." Also, Silverstein advised Swiss Re of this in an e-mail sent on July 23.

Swiss Re admitted in the suit that it did receive the e-mail, which included a copy of the Travelers form.

Under the current schedule, the issue will be submitted to the court for decision at the end of February 2002.
COPYRIGHT 2002 Hagedorn Publication
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Author:Chapman, Parke
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 9, 2002
Words:270
Previous Article:Industry takes aim at ad's 'indiscretion'.
Next Article:Congress passes new brownfields legislation.
Topics:


Related Articles
No WTC deal yet, so PA says 'Next!'.
Brokers enthusiastic.
Strategic planning even more important after WTC attacks.
Silverstein discusses WTC rebuilding with AREW.
Silverstein suffers setback.
Judge: 9-11 attack 1 incident, not 2.
Silverstein, Libeskind settle fee.
Silverstein envisions bright future for 7 WTC.
Silverstein intent on bringing miracle to the City.
It's theoretical: a ruling holds that the period of restoration is the time that it should take to rebuild.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters