Following the decision in the WTC insurance trial that the insurer was bound under the WilProp form, Swiss Re issued a statement welcoming the jury’s verdict.
“Swiss Re is grateful for the jury's full consideration and attention throughout this trial. We are pleased that the jury has confirmed the contractual basis of our coverage," said Swiss Re America chairman Jacques Dubois.
“According to two prior court decisions in this litigation, today's finding means that Swiss Re's payout obligation is no more than our 25 percent share of the $3.5 billion loss limit property policy.
“We have always been convinced that the maximum payout under a loss limit property policy could never exceed the sum insured, in this case $3.5 billion.
”Swiss Re played a leading role in this litigation,” added Dubois. “We had an important obligation to resist the insureds' claim that they were entitled to twice the maximum payout of the policy.
“We believe that paying anything more than the full amount of the sum insured is both outside the terms of the coverage and wrong.
