In a case applying New York law, the U.S. Court of Appeals for the Second Circuit has today affirmed summary judgments in favor of three insurers of the World Trade Center, determining that the combined attacks of September 11, 2001, constituted a single "occurrence," so that the available limits of insurance for the building owners come to $3.5 billion total, rather than $3.5 billion for each of the two towers. The Court's opinion can be accessed here.
In another portion of the 62-page decision, the Court concludes that it cannot be said "as a matter of law" that the attacks constituted two "occurrences" under a fourth policy, issued by Travelers. Further litigation of that facts will be needed to determine the amount of coverage available to the owners under that policy.
New of the decision, and the link to the opinion, via Howard Bashman's invaluable How Appealing blog.
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