Hospitals & Asylums
By LARRY NEUMEISTER, AP
NEW
YORK (Dec. 6) - A federal jury decided Monday that the destruction of the World
Trade Center was two events for insurance purposes, meaning leaseholder Larry
Silverstein can collect twice from companies because separate planes hit two
towers.
The verdict in U.S. District Court in Manhattan
was the latest twist in Silverstein's efforts to turn his $3.5 billion
insurance policy on the trade center complex into a $7 billion payout.
The jury was asked to rule specifically whether
the terrorism could be considered one or two events for nine of the trade
center's 24 insurance companies.
Regardless of the insurance payout, Silverstein
and redevelopment officials have promised to rebuild the trade center complex
in the next decade, including 10 million square feet of office space, a
memorial and cultural buildings.
The insurance companies involved in the case
were: Travelers Indemnity Co., Industrial Risk Insurers, Royal Indemnity Co.,
Allianz Insurance Co., Tokio Marine and Fire Insurance Co., Twin City Fire
Insurance Co., Tig Insurance Co., Westfield WTC LLC and Zurich American
Insurance Co.
In her closing argument, lawyer Carolyn H.
Williams argued on behalf of the companies that the hijacked planes were like
guided missiles and that the insurance payout should not depend on whether
terrorists used "one or two or 10 or 100 weapons."
On behalf of Silverstein, attorney Bernard
Nussbaum said there was precedent in the insurance industry to find the
terrorism was two events. A California case concluded that four separate
insurance events occurred when an arsonist set four separate fires, including
two six minutes apart in courthouses 200 yards apart.
12/06/04 17:43 EST