Court verdict: WTC terror attacks were two occurrences for insurance purposes
A New York court ruled that the World Trade Center terrorist attacks were two separate event, meaning leaseholder Larry Silverstein stands to collect up to $2.2 billion from nine insurers. 'I am thrilled with today's victory. But this is a win for all New Yorkers,' Silverstein said.
Allianz AG, Europe's largest insurer, disappointed by the verdict -- which means Larry Silverstein could get twice as much money from nine insurers of the World Trade Center. �The decision is not in Allianz's favor. We clearly see the impact on the company's balance sheet as manageable�, Lucio di Geronimo, an analyst at HVB Group in Munich, said.
Silverstein promised that the trade center complex, including 10 million square feet of office space and memorial buildings, would be to reconstructed in the next decade.The developer also said that the rebuilding of 10 million square feet offices would cost about $7.5 billion."
