World Trade Centre insurers may appeal
Publish date: 14 December 2004
Issue Number: 1238
Diary: Legalbrief Today
Category: Corruption
European insurers have expressed disappointment in the US court ruling treating the attack on the World Trade Centre on September 11, 2001, as two events and thus doubling the insurance claim to $2.2bn.
Allianz, the German insurer, said it was deciding whether to appeal. France\'s Scor, one of Allianz\'s reinsurers, said it would \'fully support Allianz\'s efforts to overturn the verdict\', reports the Financial Times. The ruling came at a second trial resulting from efforts by Larry Silverstein, the WTC\'s leaseholder, to collect $3.5bn under insurance he bought from a syndicate of insurers before the attacks. The first trial decided that Swiss Re and eight other insurers were bound to a policy that defined the attacks as one occurrence for insurance purposes. Full report in the Financial Times
