Silverstein wins big in WTC insurance case

NEW YORK, Dec. 7 (UPI) -- The man who leased the World Trade Center just weeks before the Sept. 11 terror attacks has scored a huge court victory over insurance companies.

Federal jurors decided the event constituted two separate attacks, entitling developer Larry A. Silverstein to collect up to $2.2 billion -- double the coverage provided by nine insurers at the complex, the New York Times reported Tuesday.

Although appeals are likely, Silverstein is expected to retain control of the rebuilding effort for the foreseeable future. He leased the trade center just six weeks before the attack.

"It's a tremendous victory for Larry and for everyone else who has an interest in Lower Manhattan," said Kevin M. Rampe, president of the Lower Manhattan Development Corp.

The decision also raises the likelihood the proposed $1.5 billion, 1,776-foot Freedom Tower will be constructed at the site.

Silverstein had argued because two jets slammed into two towers at the trade center on Sept. 11, he was entitled to a double payment of the $3.55 billion policy, or $7 billion. The jury's decision Monday covered nine insurance companies, which provided $1.1 billion of the $3.55 billion worth of coverage. If the verdict stands, those insurers will have to pay $2.2 billion.