|
|
Article: Insurance covers bulk of loss to World Trade Ctr. (World Trade Center building, New York, New York) (Late Breaking News)
- Article from:
- National Underwriter Property & Casualty-Risk & Benefits Management
- Article date:
- April 12, 1993
- Author:
CopyrightCOPYRIGHT 1993 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Although the gross costs of the World Trade Center bombing will be between $541 million and $592 million, because of insurance coverage the net financial cost to the New York-New Jersey Port Authority, trade center tenants and the region will be in the $55 million to $94 million range, according to an "interim" study released late last week by the PA.
The PA itself incurred gross expenses of between $376 million and $380 million in connection with the Feb. 26 bombing, in which six people died, according to a PA release. But all but $22 million of the PA's cost would be offset by insurance coverage.
The gross costs to trade center tenants, put at $132 ...