In a statement following the announcement of a verdict in the WTC insurance trial, complex leaseholder Larry Silverstein has released a statement saying he was awaiting the full verdict from the trial.
Silverstein said: “This is a partial verdict. We are awaiting the decision with respect to Swiss RE, the largest insurer in the World Trade Center coverage. We will have no further comment while the jury continues to deliberate.
London-based insurer Hiscox said it was delighted with the jury’s ruling that it was bound under the WilProp form, which defines the New York attacks as a single event.
Hiscox said it had reserved on the basis that the attacks were a single event and had previously paid insureds its share of the single policy limit.
The company said it expected Silverstein to challenge the verdicts, but said previous challenges in the appeal courts on the WTC insurance arrangements had been resolved in favour of the insurers.
Hiscox chairman Robert Hiscox, said: “We are delighted that the New York jury agreed with our position that the loss of the World Trade Centre was one occurrence under the terms of the policy wording.
“On that belief, we paid the Silverstein parties our share of one full single-occurrence limit in 2002. We want to pay losses swiftly and fairly: this we have done and will continue so to do.
