World Trade Centre leaseholder Larry Silverstein's battle with his insurers re-ignited yesterday, as the insurers maintained the 11 September attacks were one event for insurance purposes.
Silverstein argued the incident constituted two events for insurance purposes, entitling him, as leaseholder, to $7 billion (£4.4 billion) in insurance payouts.
But Swiss Re, Travelers Property Casualty Corporation and 21 other insurers who provided coverage for the centre argue that the terrorist attack was a single event. They say the developer is entitled to only the policy limit of $3.5 billion (£2.2 billion).
Jacques Dubois, chief executive of Swiss Re, said yesterday that Silverstein had already "collected $1.3 billion on the insurance policy, so as we see it, there is only $2.2 billion to go."
The spat is part of a long-running legal battle between Silverstein and his insurers, which will determine his role in rebuilding lower Manhattan. A $3.5 billion (£2.2 billion) payout would be insufficient to rebuild the complex.
The dispute has been complicated by the fact that details of the insurance coverage were not completed on 11 September 2001.
