"This is an important step in the ongoing process for the recovery of property insurance proceeds needed to support our rebuilding efforts at the World Trade Center," Silverstein says in a prepared statement. ""We will continue to pursue our recovery from the other insurers.
According to Silverstein's attorneys, ACE and XL were the only two insurers that had signed the so-called WilProp insurance form, which contains specific language describing what constitutes an "occurrence." The remaining insurers, Silverstein says, are bound by a Travelers Insurance form that does not define the term. The developer has argued that the attacks on the trade center towers were two separate events, thereby entitling his company to two payouts.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
