July 23, 2003
9/11 - one event, or two?

The erstwhile owners of New York's World Trade Centre are arguing with their insurers. Was each plane a separate attack? Or was did both constitute a single coordinated attack?

This matters, because there seems to be a maximum pay-out per event. So if there was only one event, the maximum payout would be 3 billion dollars. If it were two, then it would be $7 billion.

See Insurance battle over Twin Towers.

It seems to me that, since you certainly couldn't consider both planes striking the WTC as a coincidence, then it must be one event. But then, I'm not a lawyer. And where there is 3 billion dollars at stake, I'm sure that you can find lawyers who can prove just about anything, or go down trying.

And if you think the whole argument is ridiculous, I can tell you, from my exposure to the insurance industry, that this is by no means the most insane thing going on...

Posted to The Big Room by Simon Brunning at July 23, 2003 01:36 PM
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