X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
2 OCCURRENCES FOUND BY JURY AT WTC NEW YORK — After three weeks of deliberation, the jury in the second World Trade Center insurance trial ruled Monday that the Sept. 11, 2001, terror attacks constituted two occurrences under the unfinished binders used by the nine remaining insurers. The verdict means that real estate developer Larry Silverstein, the trade center leaseholder, and the Port Authority of New York and New Jersey, owner of the site, will collect up to $2.2 billion from the insurers. They would have been paid half that amount had the jury viewed the attack as just one occurrence. The verdict before Southern District Judge Michael Mukasey is a major victory for Silverstein and his lawyers at Wachtell, Lipton, Rosen & Katz after losing their first case against a larger group of insurers. Silverstein entered into a 99-year-lease with the Port Authority in July 2001. The attacks that destroyed the Twin Towers and most of the World Trade Center occurred before he completed insurance policies with two dozen insurers. The parties had not made final the terms of their insurance binders, leaving in doubt how the attack would be interpreted: as one event or two. In the first round of litigation, a jury also sitting before Judge Mukasey held that the attack constituted one “occurrence” for insurance purposes. The WilProp form, a standard contract used in the industry, governed the 10 insurers involved in the first verdict. — New York Law Journal

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.