Tuesday, October 23rd, 2001 — Swiss Re's legal action to limit payment obligations from the Sept. 11 terrorist destruction of World Trade Center is an attempt to speed insurance claims payments and hasten rebuilding in New York, according to a company executive
Jacques DuBois, a member of the Swiss Re Group's executive board also said that Swiss Re "firmly believes" that under the wording of the insurance binder it signed "the attack by al Qaeda on the World Trade Center resulted in one insurable loss."
The property's landlord is seeking $7 billion to cover two losses from two attacks when terrorists piloted a pair of jets into the towers.
But, under the view expounded by Mr. DuBois, Swiss Re would be liable to pay for only one attack, which would lower the price to $3.5 billion for property damage and rent interruption.