3 Insurers Liable for 1 Attack on Towers
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Hartford Financial Services Group Inc., St. Paul Cos. and Royal Indemnity Co. are liable for coverage of one attack on the World Trade Center, not two as the leaseholder for the complex claims, a U.S. judge said.
The three insurers are among 22 battling an attempt by trade center leaseholder Larry Silverstein to collect $7.1 billion for the destruction of the twin towers. Silverstein was insured for $3.55 billion “per occurrence.” It wasn’t immediately clear how the ruling would affect the other 19 insurers since each issued its own binder to Silverstein, laying out the terms of coverage.
A trial to assess whether the attack was one or two events for insurance purposes is scheduled to begin Nov. 4. Hartford, St. Paul and Royal Indemnity, which must pay $112 million, will not face trial.
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