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3 WTC Insurers Win One-Claim Case Against Silverstein

NEW YORK CITY-A US District Judge today pulled the rug out from under owner Larry Silverstein, deciding that three World Trade Center insurers' liability in the catastrophe is limited to a single occurrence. Swiss Re chair Jacques Dubois tells GlobeSt.com, "The dominoes are all falling into place.

By Glen Thompson | Updated on September 25, 2002

NEW YORK CITY-Larry Silverstein’s two-planes, two-claims case took a whipping today when a judge ruled in favor of three insurance firms’ contentions that the World Trade Center bombings amounted to a single occurrence. Silverstein has taken every opportunity over the last year to assert his position that the terrorist attacks were separate incidents deserving of two full insurance payouts.

US District Judge John Martin delivered a summary judgment declaring that Hartford Financial Services Group Inc., St. Paul Cos. and Royal Indemnity Co. will be held liable for coverage of only one event in the attacks of last Sept. 11. It is unclear how the decision will affect the other 17 insurers that have yet to come to terms with Silverstein. Two firms, Ace Ltd. and XL Capital Ltd., both of Bermuda, have already settled.

“Although we have not seen Judge Martin’s opinion yet, we are pleased with his decision to grant our motion for summary judgment, finding the World Trade Center property losses to be one occurrence,” a Hartford spokeswoman tells GlobeSt.com. “The Hartford Group has satisfied its insurance obligation for the single occurrence and believes it has no further obligation for the World Trade Center Loss.”

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