Swiss Re has claimed in a letter and an announcement that Larry Silversteins demand for an immediate cash payment for the loss of one of the World Trade Center Towers (See IJ Website Nov. 8) is equivalent to a decision by his company, the master leaseholder, and the Port Authority of New York and New Jersey, the owners, not to rebuild.
"Under the terms of the Swiss Re insurance coverage, the insured parties can either make a claim for replacement costs and obtain payments towards reconstruction as rebuilding progresses, or they can elect not to rebuild and obtain an immediate cash out payment in the amount of actual cash value of the insured property," said the companys statement.
