A report emanating from a London newspaper, indicating that only one of the World Trade Center towers was insured, is not correct, according to a representative of the Insurance Information Institute in New York.
The report in The Guardian, a U.K. newspaper, which was later picked up by BBC News, says that "insurance will be paid on only one tower because experts believed the simultaneously collapse of both was too far-fetched to be worth insuring."
According to The Guardian, the Port Authority of New York, owners of the towers, are likely to receive an insurance payout of $1.5 billion, far below the $5 billion-plus value put on the towers before their collapse.
