Insurer goes to court over WTC payout

A British company responsible for 22 per cent of the £2

A British company responsible for 22 per cent of the £2.3 billion sterling insurance covering the World Trade Center has gone to court.

SR International Business Insurance is trying to prevent the the complex's owners defining the September 11th outrage as two attacks - and doubling its bill.

The firm said it is "prepared to honour its insurance obligations" for the attack that demolished the pair of 110-storey buildings but will not pay twice because two aircraft were used.

The lawsuit, filed in Manhattan, seeks to deflate any expectations that an investor group led by Mr Larry Silverstein might be entitled to twice as much money if the crashes are considered separate terrorist attacks.

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Mr Silverstein, through his company Silverstein WTC Properties, manages World Trade Centre Properties.

SR International, a unit of reinsurer Swiss Re, said it is seeking a declaration from the courts the damage to the buildings is one insurance loss - not multiple and unconnected losses.

It is also asking the court to decide whether it owes £510 million solely to the investor group, or to other entities including businesses harmed by the disaster.

According to the court papers, the city's Port Authority entered into a 99-year lease with each of the World Trade Center buildings on July 16th, and with a separate company for the shopping mall.

PA