Claims
The attack on the World Trade Center led to huge insurance claims, with many insurance companies throughout the world having to disclose the impact of the attack in their financial statements. In April 2004, a jury of the United States District Court for the Southern District of New York rejected claims by World Trade Center leaseholder Larry Silverstein that two planes hitting the Twin Towers should, within the terms of his insurance policies, be considered two separate incidents, which would have entitled him to $7 billion in insurance reimbursements. The insurers, Swiss Reinsurance Co. and others, initially argued successfully that the attacks in New York were one incident and that Silverstein was only entitled to $3.5 billion. In December 2004, a federal jury decided that the September 11 attacks attack on the World Trade Center was, for insurance purposes, two occurrences, which means that Silverstein stood to collect up to $4.6 billion.
In 2003, Judge Alvin Hellerstein of the United States District Court for the Southern District of New York agreed to hear a consolidated master case against three airlines, ICTS International NV and Pinkerton's airport security firms, the World Trade Center owners, and Boeing Co., the aircraft manufacturer. The case was brought by people injured in the attacks, representatives of those who died, and entities that suffered property damage. In September 2004, just before the three-year statute of limitations expired, the insurers for the World Trade Center filed suit against American Airlines, United Airlines, and Pinkerton's airport security firm, alleging their negligence allowed the planes to be hijacked. Because the Air Transportation Act, which was passed after September 11 attacks, limits the liability of airlines aircraft manufacturers, and airports to the amount of their insurance coverage, this case will likely be combined with the consolidated master case filed in 2003.
Read more about this topic: Aftermath Of The September 11 Attacks
Famous quotes containing the word claims:
“The purpose of education is to keep a culture from being drowned in senseless repetitions, each of which claims to offer a new insight.”
—Harold Rosenberg (1906–1978)
“Though an unpleasant sort of person, and even a queer threatener withal, yet, if one meets him, one must get along with him as one can; for his ignorance is extreme. And what under heaven indeed should such a phantasm as Death know, for all that the Appearance tacitly claims to be somebody that knows much?”
—Herman Melville (1819–1891)
“A place belongs forever to whoever claims it hardest, remembers it most obsessively, wrenches it from itself, shapes it, renders it, loves it so radically that he remakes it in his own image.”
—Joan Didion (b. 1934)