NYC construction groups blame insurers for 2 WTC holdup
A city construction industry coalition is pushing insurers of United Airlines and American Airlines, whose aircrafts crashed into the World Trade Center on 9/11, to cough up a maximum of $2.8 billion, Crain’s reported. Silverstein Properties, which holds the lease at the World Trade Center site, has vowed to use the insurance payment toward the development of the not-yet-started 2 World Trade Center.
The coalition includes the Building and Construction Trade Council, the Building and Trades Employers Association and the 32BJ union.
“We are doing this to draw attention to the fact that a handful of insurance companies are holding up rebuilding the World Trade Center,” Building and Construction Trades Council President Gary LaBarbera told Crain’s. “It’s unacceptable that nearly 12 years after 9/11, these companies refuse to pay what they owe.”
This would be the second major insurance payout at the site. Both Silverstein and the Port Authority of New York & New Jersey nabbed $4.1 billion from the fallen towers’ insurers in 2004, Crain’s said.
The groups’ push precedes a federal court hearing next month, when a judge is slated to rule on whether Silverstein can get the full amount or settle for less. [Crain’s] —Zachary Kussin