Friday, November 16th, 2001 — Legal moves by the owner of the World Trade Center suggest he does not want to rebuild the complex, according to insurer Swiss Re.
Swiss Re is contending in court papers that policy provisions require real estate mogul Larry Silverstein to certify he will not rebuild the World Trade Center in order to collect an immediate $3.5 billion "actual cash value" payment.
Under Swiss Re's interpretation of a contract it says covers the disaster, the insured parties have to make a choice. They can make a claim for replacement costs and obtain payments for reconstruction as the rebuilding progresses.
Alternatively, they can choose not to rebuild and obtain an immediate payment of the "actual cash value" of the insured property. This amount would generally equal the depreciated value of the WTC complex immediately preceding the attack, says Swiss Re.