$2B Dollar World Trade Center Insurance Battle Ends

Chrissie Cole

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Governor Spitzer and State Insurance Superintendent Eric R. Dinallo announced Silverstein Properties along with seven insurance companies have reached a $2 billion settlement of all outstanding insurance claims from the destruction of the World Trade Center.

The settlement, the biggest in regulatory history, ends a six year legal battle and removes the last major obstacle that was preventing new development at Ground Zero.

"The Governor and Superintendent Dinallo deserve huge credit for recognizing the importance of sealing all outstanding insurance issues, and their tireless work made sure we got it done," said Silverstein. "This agreement puts to rest the last uncertainty about the World Trade Center redevelopment, and will allow rebuilding to continue moving full steam ahead.

"I am enormously grateful to the Spitzer Administration and the many other government leaders who have pushed for an equitable insurance resolution over the past five and a half years--especially Assembly Speaker Shelly Silver, Senators Chuck Schumer and Hillary Clinton, Mayor Michael Bloomberg, Congressman Anthony Weiner, Congressman Jerry Nadler, Councilman Alan Gerson and Comptroller Bill Thompson."

Now that all insurance claims have been resolved, Silverstein Properties and the Port Authority can obtain the necessary financing and meet the construction schedule that all agreed was essential for the rebuilding of Ground Zero.

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