English court confirms WTC losses arose from two events, not one
On 8 February 2013, the Commercial Court handed down a judgement confirming the position that the insured losses caused by the 9/11 attack on the World Trade Centre (WTC) in New York City arose out of two events and not one. While this is a fairly well-established position, this is the first time the English court has considered the issue.
This was an appeal against an arbitration award dated 26 January 2012 made by a Tribunal of three arbitrators (Mr Ian Hunter QC (Chairman), Mr David Peachey and Mr Richard Outhwaite). One of the questions the Tribunal had to decide was whether the losses sustained by the Defendant on 10 inward reinsurance contracts arising out of the 9/11 attack were caused by one or more occurrences or series of occurrences “arising out of one event” for the purpose of applying policy limits and deductibles. With the parties’ agreement, the Tribunal relied for their findings of primary fact on the relevant findings of the Final Report of the National Commission on Terrorist Attacks upon the United States…
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