All right, I did a little research on business interruption coverage and loss of rental income.
Business interruption and 9/11
It mentions that there were a number of BI claims stemming from companies leasing at the WTC, which makes sense. Nothing on whether or not Silverstein had any BIC.
There is also
this, which gives more information about Silverstein's coverage. It mentions that the payout is $25 million a month, or $300 million a year. There isn't any mention of what kind of policy this is covered under, but it might be a rider on the general liability, or it might be a separate policy. It doesn't really matter, as the end result is the same. No mention of any time limits on the coverage either, but I would imagine there is some kind of time or dollar value cap.
Business interruption coverage, from what I've been able to find, is issued with a dollar cap of around $25 - 50 million without any reinsurance. That's not nearly enough to cover the loss of rental income that Silverstein is facing, so he must have a different line of coverage (or policy rider) that specifically mentions loss of rental income over the duration of rebuilding.
And, for the conspiracy people playing along at home, keep in mind that this is income that Silverstein is
losing by not having rentable office space, not some gracious gift from the insurance companies.
Another thing to keep in mind is that insurance for this kind of loss is sometimes at a percentage of the actual value, or calculated in some way as to not fully cover the lost rent.
There is also a NY
government report on the financial impact of 9/11 worth looking at, for perspective. Of course, it was created for the
government (the New York senate finance committee, that is), so I'm sure the CTist can dismiss it as lies, lies, and more lies.
I also see that Silverstein is still paying
over $100 million a year in rent for the site.
)
