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WTC insurance

Summary

WTC leaseholder Larry Silverstein took out an insurance policy that would pay him between $3.5 billion in the event the WTC was destroyed in a terrorist attack (he was denied in his attempt to collect $7 billion on the grounds that there were two attacks).

The insurer, Swiss Re, claims that he intentionally underinsured the WTC, initially wanting only to insure up to $1.5 billion, to save on premium dollars since he only had $14 million of his own money wrapped up in the complex. He had a "walkaway" clause that would allow him to take the money and run if such a catastrophe were to occur. His co-investors, who had much more to lose, insisted on the higher insurance amount.

Source: Griffin, p. 183-184

Analysis

It's not that surprising that he'd insure against terrorist attacks, since it was no secret the WTC was a prime target. The rest of the details about the particulars of the deal seem irrelevant to me, proving only perhaps that he's a cheapskate and a weasel.

Bottom line, me, I give it:

not very suspicious

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