Insurers Only Have To Cover WTC Replacement

Law360, New York (October 31, 2006, 12:00 AM EST) -- A judge has decided that Silverstein Properties Inc. should only get the money it will cost to replace the World Trade Center buildings, not the additional $700 million the developer sought to make the rebuilding “safe, modern and politically palatable.”

Judge Harold Baer Jr. in the U.S. District Court for the Southern District of New York decided Tuesday that the policies unambiguously supported the insurers’ position.

In July 2001, Silverstein Properties Inc. and several others entered into 99-year leases with the Port Authority of New York...
To view the full article, register now.