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Second WTC Trial Begins

NEW YORK CITY-Jury selection begins in the second trial regarding World Trade Center insurance coverage. The first trial ended in early May with a jury saying the attacks constituted one occurrence, not two.

By Barbara Jarvie | Updated on October 12, 2004

NEW YORK CITY-The second trial regarding the World Trade Center insurance payout gets under way today with jury selection. In the first trial, which ended in early May, a jury determined that the Sept. 11, 2001 destruction of the twin towers was one occurrence, not two as the site’s master leaseholder, Larry Silverstein, president and CEO of Silverstein Properties had maintained. The core issue is whether the attacks on the World Trade Center constitutes one or two occurrences for purposes of the $3.5 billion per-occurrence policy covering the Twin Towers, Buildings 4 and 5 and the retail mall.

“We are ready to move on to the second phase of the trial against 10 insurers with more than a billion dollars worth of per occurrence coverage,” Silverstein stated previously. “We feel the evidence is strongly in our favor and look forward to our next day in court. And we’re looking forward to the day when this litigation ends so we can focus all of our attention on rebuilding.” There is still a possibility that Silverstein could appeal the first verdict.

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