Insurers will not be able to cover the cost of rebuilding the destroyed World Trade Centre complex, leaseholder Larry Silverstein said in a US court yesterday.
Silverstein, who is battling with his insurers over compensation for the destruction of the Twin Towers, has filed a complaint against US insurer, Industrial Risk Insurers.
The insurance policy on the building is worth $860m (£539m) but Silverstein claimed he has only received $440m (£276m) from Industrial Risk. He added that it would not be sufficient to fund the construction costs of the new building.
A spokesman for Industrial Risk said the policy was not written to compensate Silverstein for all costs. Industrial Risk spokesman Dean Davison said Silverstein was only entitled to a $440m (£276m) cash payment.
Silverstein has been fighting with 20 insurers over compensation for the destruction of the Twin Towers. He claims that the attacks by two airplanes represented two separate events, entitling him to around $7bn (£4.4bn) in damages. Insurers led by Swiss Re claim that it was only one event, entitling him to half that amount.
