Larry Silverstein isnt about to back down on his claim that the loss of the twin towers of the World Trade Center constituted two separate loss events, and has reportedly called the claim by Swiss Re that there was only one loss involved "audacious." (See IJ Website-Intl. Oct. 23).
Hes promised a quick response to the insurers court action for declaratory relief filed Monday. The immediate issue at stake is whether Silverstein Properties and Westfield America, who acquired the master lease on the WTC in July, can recover over $7 billion for the loss of both buildings as separate loss incidents, or whether they are limited to the recovery $3.5 billion for the loss of one property.
His lawyers apparently think theres a precedent for his position in a case from 1959 where a court held that two separate losses had occurred when the walls of two buildings collapsed during a rainstorm.
