May 27, 2007 · A key sticking point in the protracted dispute revolved around WTC leaseholder Larry A. Silverstein's argument that the destruction of the Twin Towers was caused by two aircraft, and therefore the ...
Joeseph B. Silverstein. Joe litigates and counsels clients on commercial matters, liquor licensing, partnership/shareholder disputes, commercial landlord tenant agreements/disputes, real estate, civil rights, insurance coverage and personal injury. Joe also advises many small businesses and frequently serves as personal counsel to bars and restaurants in liquor liability matters.
Apr 29, 2004 · Two other companies settled with Silverstein for $400 million. Ken Erickson, a lawyer for Lloyds Syndicate, one of the nine firms who won in court Thursday, said he was "gratified with the...
Jun 10, 2002 · Silverstein’s lawyer, Herbert Wachtell, however, asserted that the attack by the second plane had caused far greater damage than would have been the case if only one attack had occurred, making it...
A settlement was reached in 2007, with insurers agreeing to pay out $4.55 billion, which was not as much as Silverstein had sought....Larry SilversteinLarry Silverstein appearing for the UJA-Federation of New York in 2014BornMay 30, 1931 Brooklyn, New York City, New York, U.S.3 more rows
The tower's construction was partly funded by approximately $1 billion of insurance money that Silverstein received for his losses in the September 11 attacks. The State of New York provided an additional $250 million, and the Port Authority agreed to give $1 billion, which would be obtained through the sale of bonds.
Silverstein is the developer of the rebuilt World Trade Center complex in Lower Manhattan, New York City, and one of New York's tallest residential towers at 30 Park Place, where he owns a home....Net Worth:$4 BillionAge:90Born:May 30, 1931Country of Origin:United States of AmericaSource of Wealth:Entrepreneur1 more row•Mar 24, 2022
They were the tallest buildings in New York City, and for a brief period upon their completion, they were the tallest buildings in the world. They attracted roughly 70,000 tourists and commuters every day. The North Tower rose 1,368 feet—1,730 feet with a large antenna—and the South Tower stood 1,362 feet high.
All insurers have a duty to act in good faith toward their customers. In other words, they must be fair and uphold their side of the contract. If they fail to do this, you may be entitled to bring a claim to force them to pay the coverages they owe, along with other damages.
Having insurance coverage helps ensure that if the worst happens (death, disability, fire, business interruption), you will have the resources to continue paying bills, to provide for yourself and your family, and to protect your business and employees. Insurance is intended to help you survive the unexpected.
The court ultimately did grant Silverstein a payout of $4.55 billion, which amounted to about a third more than the maximum allowable for a single “occurrence” by his insurance policy, but significantly less than the $7.1 billion he had originally sought.
World Trade Center leaseholder Larry Silverstein bought terrorism insurance two months before 9/11, then collected double its value on the grounds that there were two attacks.
While the story obviously contains elements of fact, it’s also partly fiction — most notably the implication, made via the use of scare quotes around the word “fortuitous,” that Silverstein’s decision to purchase terrorism insurance just before 9/11 was no mere coincidence.
Such exclusions aren’t uncommon now, but according to the Insurance Information Institute virtually all commercial insurance policies sold in the U.S. before 9/11 covered terrorist incidents as a matter of course (and essentially free of charge), because the risk was considered so remote.
Ultimately, Silverstein wasn’t even solely responsible for the total dollar amount of that coverage ($3.55 billion) because that was the minimum demanded by his lenders, according to a 2002 report in The American Lawyer. It’s a fact that Silverstein took his insurers to court after 9/11 and asked for double the damages.