WTC Lease holder loses insurance battle

April 30, 2004

"Thursday's partial verdict was a blow to trade center leaseholder Larry Silverstein, who has argued that he should have his $3.5 billion insurance policy paid twice over because the attacks on the twin towers were two separate events.

The federal jury found that the majority of the insurers, who hold more than $1 billion of the policy, are bound by a form that defined the Sept. 11 terrorism as one event.

It was the first of at least two trials that will ultimately decide how much insurance money will be available to rebuild ground zero. Development officials have said the amount recovered could control the pace of rebuilding."


http://www.boston.com/news/nation/articles/2004/04/30/wtc_leaseholder_loses_insurance_battle/

To cover Presidential incompetence

1.) Government negligence (plain old garden variety AND crminal negligence).

2.) Intelligence failures.

3.) Bureaucratic snafus.

4.) Combination of the above (plus what you said).

http://www.swissinfo.org/sen/swissinfo.html?siteSect=161&sid=4708573

"The relationship between insurers and insured has deteriorated steadily since the attacks. At one point, the normally staid and proper Swiss Re described Silverstein’s claim as a “swindle”.

In early 2003, the re-insurer accused Silverstein of trying to enrich himself personally, saying that from an investment of $14 million, Silverstein was seeking to make a profit of $1 billion.

Silverstein’s lease holding agreement says that, in the event of the WTC being destroyed and Silverstein deciding not to rebuild it, he would be entitled to pocket the insurance money.

Swiss Re says this would leave Silverstein with $1 billion, after paying interest and rent to the port authority."