NEW YORK -(Dow Jones)- The total insurance coverage on the World Trade Center complex is valued at $3.3 billion - and the insurance proceeds will be enough to pay off both the bondholders and the Port Authority of New York and New Jersey, which owns the land and the buildings, said the rating agency Fitch Tuesday.
The insurance covers the properties that were involved in a $563 million commercial mortgage-backed securities GMAC 2001-WTC. They included the twin towers, as well as buildings known as Four World Trade Center and Five World Trade Center.
GMAC Commercial Mortgage, a subsidiary of GMAC, was the provider of the $563 million first mortgage loan secured by a leasehold interest in the four properties in the WTC complex.
The CMBS deal was part of a complex financing package for the Silverstein Properties Inc., which took control of the World Trade Center late July via a 99-year ground lease with the Port Authority.
The insurance coverage is subject to a $1 million deductible and the policies do not exclude acts of terrorism, Fitch said.
The insurance coverage is spread among 22 insurance companies, with Swiss Re and insurance syndicates of Lloyd's of London (U.LYL) having the largest exposure, Fitch said.
If the insurance proceeds are paid, bondholders of the CMBS deal and the Port Authority will be the first to receive payments. The bondholders will be able to recover the principal on bonds they invested in.
Dachte immer, das Versicherer eine Klausel haben wie z.B. keine
Zahlung by Act of God, Act of War , etc. etc.
Anscheinend habe ich die falsche Versicherung gewaehlt.
