Millennium and Copthorne settles its 9/11 insurance claim

01 December 2006 by
Millennium and Copthorne settles its 9/11 insurance claim

Millennium and Copthorne hotels (M&C) has agreed a $17.5m (£8.9m) settlement with its insurance advisor over the effects of trade on its properties in New York after 9/11.

M&C originally filed a legal action against its US insurance advisor and broker, Willis of New York, in October last year.

The company had initially been suing for damages in excess of $45m (£22.8m) but has now agreed this sum as a full and final settlement.

The claim related to property damage and the loss of business experienced by its New York hotel the Millennium Hilton hotel, and for interruption of business at its 14 other US properties after the terrorist attacks on the World Trade Centre on 11 September 2001.

M&C has also sued its insurance company, Travelers Property Casualty Company of America and settled in March for $24.99m (£14m) in a full and final settlement of its claims, which related to the terms and duration of the policy.

M&C reports strong third quarter results >>

M&C Sues insurance broker over 9/11 >>

By Emily Manson

E-mail your comments to Emily Manson]( settles its 9/11 insurance claim) here.

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