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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

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