9/11, World Trade Center owner versus insurance companies

In 1980, Larry  Silverstein, a successful real –estate businessman from New York,  won a bid from the Port Authority of New York and New Jersey to construct building 7 of the World Trade Center, to the north of the World Trade Center site. Silverstein  signed the lease on July 24, 2001.

Right after that Silverstein took out insurance plan that “fortuitously” covered terrorism. After 9/11 Silverstein took the insurance company to court, claiming he should be paid double because there were 2 attacks. Swiss Re, Lloyd’s, Zurich Financial, Copenhagen Re, and 8 other major insurers all paid Silverstein Properties a total of $4.9 billion. Silverstein received $861 million from insurers for Building 7 alone, as well as over $4 billion for the rest of the Trade Center complex. That $861 million for WTC-7 was paid on the basis of Silverstein’s claim that airplanes were somehow responsible for making Building 7, which was not hit by any plane, disappear at free-fall acceleration

A year after the attacks Larry Silverstein mentioned in the 2002 PBS documentary “America Rebuilds,”:”I remember getting a call from the fire department, telling me that they were not sure they were gonna be able to contain the fire, and I said, ‘You know, we’ve had such a terrible loss of life, may be the smartest thing to do is to pull it’ and they made that decision to pull and then we watched the building collapse”. Larry Silverstein admits to the controlled demolition of Building 7.

The insurance companies have likewise neglected to mention that after doubling his insurance coverage immediately before 9/11, Silverstein multiplied his compensation after 9/11 by claiming double indemnity. According to Silverstein’s spokesman, “the two hijacked airliners that struck the 110-story twin towers Sept. 11 were separate ‘occurrences’ for insurance purposes, entitling him to collect twice on $3.6 billion of policies.” The bizarre double-indemnity claim was approved in 2004.

This trial remain one of the many mysteries in the 9/11 case. However In April 2006, after several months of negotiation aiming toward permitting reconstruction of the WTC complex Silverstein cedes his rights to Building One to the Port Authority allocating a portion of the insurance proceeds to the rebuilding of Building One in favor of the Port Authority. In return the US government issues pro-rata shares Liberty Bond funds for reconstruction of the site, part of which are allocated to Silverstein Properties for purposes of rebuilding the remaining buildings. Hence the costs to rebuild were partially covered by the Liberty Bonds and the construction of the new 7 WTC which began in May 2002 ended in 2006.

Another reason you need Professional Representation!

This article is from the Independent newspaper on Tuesday 22nd April, 2013 and shows how policyholders are shortchanged by Insurance Companies.

http://www.independent.ie/irish-news/insurance-firms-not-offering-claimants-full-entitlements-29211793.html#comments

Contact Clearys on 1850 28 1850 is you feel you need help with your insurance claim.

Fire in a Motor Garage – Insurance Claim

How a Claim for a Fire in a Motor Garage was handled

This was a major loss as a result of a fire. There was a total loss of the building and significant damage to stock, fixtures, fittings and vehicles. The fire was caused by an electrical fault whilst one of the vehicle batteries was being charged.

As a result there were issues over proof of ownership and insurable interest. The insured was a private person (& sole trader) whose company (recently dissolved) was not mentioned in the cover. Some items of stock, fixtures and fittings had been purchased through the limited company. Insureres argued that these items were not insured by the policy as they were purchased through the limited company and not subsequently transferred to the ownership of the insured.

Clearys Loss Assessors, with offices throughout Ireland, argued that, as the Limited Company was dissolved, the assets were transferable to the Insured’s name. This was proven by way of various items of documentation and ultimately ownership was agreed upon and this claim was settled. This claim proved difficult and negotiations were protracted due to the issue of insurable interest and insurer’s desire and effort to avoid liability despite the fact that all this property  and the company itself were owned by the insured and clearly in his total control and possession as reflected in his financial accounts.

 

How Loss Assessors in Ireland work…

How Loss Assessors in Ireland work…

Have you ever suffered a loss in terms of fire, flood, burglary or other damage to your home or business? If you have, then there is a high probability that you made a claim on your insurance? And if so, you may have used a firm of loss assessors to assist you with your claim. You may also have dealt directly with the insurance company yourself.

The objective of any insurance policy is to assist the client regain what they lost during their incident. It is not intended to make people money. Your insurance company will aim to pay out a little as they can, within reason. The Loss assessors job is to work with you to establish what exactly you can claim for and to prepare and manage your claim in a professional way with your insurance company, generally ensuring a speedier and higher value payout.

Insurance is a complex area and making a insurance claim can be testing. Not only do you have the emotional trauma of loss to deal with, but you also have to deal with the insurance loss adjustor, appointed by the Insurance Company looking at everything in a practical way, aiming to quantify losses and reduce payouts. The loss assessor works for the client at all times and can negotiate on your behalf to ensure that you get the settlement that you are entitled to.

A loss assessor will work on any type of claim. The only stipulation required is that you are insured in the first place. Now is not the time to be eliminating insurance payments.

Loss Assessors are skilled in assessing loss and value of loss. In a business environment, there may also be loss of income claims so please be aware of this too.

If you have suffered a loss, do the right thing and call Clearys on 1850 28 1850 today for an initial discussion. We will save you time and money and remove the pain in making insurance claims.

 

Imbalance of Payments

Last winter’s severe flooding saw hundreds of policy holders greatly affected both emotionally and financially. Luckily, the vast majority of these policy holders had cover in place and could look forward to prompt settlement to get them back on their feet. Or so you would think. Five months on from the floods, Fianna Fail Galway West T.D. Frank Fahy is threatening to name and shame the insurance companies who he accuses of “penny pinching” and making “inadequate responses” to flood victims.

Continue reading Imbalance of Payments

A Lesson To Learn, Now.

Don't make the same mistake

As a result of the November floods last year, Grassland Fertilizers suffered losses of up to €1.3 million when up to 70% of the stock stored at its Cork facility was destroyed. A claim was processed and the underwriters failed to pay because there was no cover in place for flood, burst pipes, tempest and/or storm damage. Grassland are now bringing their insurance broker to the commercial court in an effort to recoup their losses.

Continue reading A Lesson To Learn, Now.

Honesty is the best policy, the Proposal Form

When it comes to your proposal form, be a saint
When it comes to your proposal form, be a saint

Many consumers consider insurance as somewhat of a grudge purchase, we would all prefer not to have to pay for it as many of us will pay premiums without ever, hopefully, having to use the service that we are paying for.

With this in mind, it is fair to say that many people fill out their proposal forms for insurance cover in a somewhat generous way by providing inaccurate information that will bring the premium down a little. In fairness to most consumers, many see this practice of omitting certain minor details as an innocent practice, but beware, your insurers and the wider insurance industry, including ourselves, do not. Continue reading Honesty is the best policy, the Proposal Form