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Multi-million dollar deal ends claims to the Insurers of the Twin Towers

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The owners and the tenant of the World Trade Center have reached an agreement with the insurers by which they will pay 1,486,000,000 euros (2,000 million dollars), as reported by the Governor of New York on Wednesday. With this measure will be settled the pending litigation over the complex of the Twin Towers of Manhattan, which collapsed after the terrorist attacks of September 11, 2001.

“This agreement is the result of an extensive collaborative effort among many and guarantees that the Port Authority and Silverstein Properties will have the financial resources to fulfill their obligations and build in the World Trade Center area,” the governor said when announcing the agreement. .

Silverstein leased the set of buildings to the Port Authority of New York and New Jersey in July 2001, just two months before two hijacked commercial aircraft destroyed the Twin Towers and other nearby buildings.

At the time of the attacks, on September 11, all the insurance policies that would cover the complex had not yet been signed, which led to an intense and bitter dispute in the courts between the company of Larry Silverstein and the companies of insurance

Multi-million dollar deal ends claims to the Insurers of the Twin Towers

Silverstein claimed compensation of 7,000 million dollars with the argument that the attack on the Twin Towers constituted two different terrorist attacks.

So far insurers have paid about half of that figure and the rest was still the subject of dispute between the parties. The companies involved in the agreement are Travelers, Zurich American Insurance, Swiss Reinsurance, Employers Insurance Company of Wausau, Allianz Global Risks US, Industrial Risk Insurers and Royal Indemnity.

As part of the agreement, the insurers and Silverstein have pledged not to make public the amounts that each company will pay and add up to a total of 1,500 million euros (2,000 million dollars).

In September 2006, Silverstein and the Port Authority reached an agreement whereby the two-state entity would lift the Freedom Tower, the tallest and most symbolic building in the area, and another skyscraper, while the New York developer would build the buildings. , 3 and 4, considered the most profitable.

The promoter and the Port Authority have agreed to distribute the funds of the insurers so that Silverstein will receive about 56 percent of the compensation and the owner entity 44%.

“This agreement puts an end to the latest uncertainty about the reconstruction of the World Trade Center and will allow the building to move forward at full pace,” said the real estate developer.

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