Jury Rules WTC Attacks Were Two Events

NEW YORK CITY-Late yesterday, a jury determined that the Sept. 11 terrorist attacks on the World Trade Center constituted two occurrences for insurance purposes. This decision paves the way for the site’s master leaseholder Larry Silverstein, president and CEO of Silverstein Properties, to potentially collect billions more in insurance payouts.

“I am thrilled with today’s victory,” Silverstein says in a statement. “But this is a win for all New Yorkers. Today’s decision means an additional billion dollars of insurance proceeds will be available, which, together with Liberty Bonds, will ensure a timely and complete rebuild of the World Trade Center.”

However, there is a possibility that the verdict will be appealed. At least one of the insurers involved in this second trial on the issue is contemplating such an action. Industrial Risk Insurers, a unit of GE Insurance Solutions, was one of nine insurers involved in this second phase. According to a statement, the firm “is convinced that the attack on the World Trade Center was one occurrence. The jury disagreed with our view, and we believe the evidence was to the contrary. We will examine our options.”