A federal judge ruled Sept. 25 that the attacks on the World Trade Center last September resulted in “one occurrence” under a policy form used by a trio of insurers of the destroyed complex, according to a Dow Jones report.
U.S. District Judge John Martin Jr. granted a summary judgment request by Hartford Fire Insurance Co., Royal Indemnity Co., and St. Paul Fire & Marine Insurance Co. that puts a limit on the companies’ liability to one single payment.
Larry Silverstein, leaseholder for the complex, has been arguing that he should be able to receive double the amount of insurance proceeds because the twin attacks resulted in two occurrences.
Some 20 insurers provided coverage for the complex, but the fate of the other insurers in this case has not yet been determined.
Topics Carriers Legislation
Was this article valuable?
Here are more articles you may enjoy.
Florida, East Coast to See Big Insured Losses From More Cat 5 Storms, Researchers Say 
State Farm Sued Over Policies Backed by Distressed Insurer PHL 
Applied Systems, Comulate Spar Over Trade Secret Theft Allegations 
Litigation Finance Hits a Wall After Bets on Huge Gains Falter 
