Discussion relating to the past and present operations of the NYC Subway, PATH, and Staten Island Railway (SIRT).

Moderator: GirlOnTheTrain

  by Gilbert B Norman
 
Today's New York Times reports that WTC developer Larry A. Silverstein will receive a settlement of his claims arising from 9/11 treated as if the attacks were one "occurrence". Mr. Silverstein has contended that 858AM and 907AM comprised two separate occurrences, which would result in a settment more favorable to his interests.

Allow me to editorialize, but the usual charades pulled with insurance matters coming to my attention over the years have been of the nature and scope of an insured asking an auto body shop to "discount" the estimate by the amount of the deductible so that no portion of the loss is self insured, a "Monday Morning Injury' of a tradesman that occurred on the weekend while "moonlighting" ("hey, that is what worker's comp on my day job is for"), or where spouses are both employed and the health care plan provides for spousal coverage, claim the deductibles under the other policy. It kind of seems as if this noted "petty larceney" has now been "taken to the next level", but I guess to some, there is no such a thing as enough money.

Fortunately, the Times notes that neither the Freedom Tower, the Memorial, nor, of concern to us around here, the Transportation Center, are in any kind of jeapordy. The latter is part of an UMTA grant; here if a "brief passage' from the article reporting such:

"The decision cast doubt on his financing for four office towers planned for the ambitious project designed for ground zero. Still, money seems assured for the $1.5 billion, 1,776-foot Freedom Tower, while federal funds will be available for a $2 billion transit center. A combination of private and federal money will pay for the planned memorial and a museum and performing arts center"

Here is a link to the article in its entirety:

http://www.nytimes.com/2004/04/30/nyreg ... TC.html?hp
  by erie910
 
I realize that this is an old thread. However, had the towers been insured to full values, which is the common practice in insurance, having the two plane crashes considered a single incident would have been more favorable to the insured: A single deductible would apply, not separate deductibles for the two incidents.