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by United Press
International
NEW YORK -- A jury
Monday said New York developer Larry Silverstein, who held the
commercial lease of the World Trade Center, is entitled to $2.2 billion
in insurance.
The jury's
decision came after 11 days of deliberation and was double the insurance
coverage provided by nine insurers at the office complex. Silverstein
leased the center six weeks before it was destroyed by terrorists Sept.
11, 2001.
The New York Times
reported Silverstein, who plans to use the money to rebuild the office
buildings, said in a statement he was thrilled with the verdict, and
that it would ensure a timely and complete rebuild of the World Trade
Center.
A $1.5 billion,
1,776-foot-tall Freedom Tower is planned for the trade center site, but
it's expected to cost more than $9 billion to rebuild the trade center.
Silverstein argued
the two jet planes that slammed into the twin towers entitled him to a
double payment of the $3.55 billion policy, or $7 billion.
The jury's
decision, involving nine insurance companies, provides $1.1 billion of
the $3.55 billion worth of coverage. If the verdict stands, the
companies would be required to pay $2.2 billion.
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