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Early Efforts to Cover Liability Exposure
New York City officials quickly arranged for several policies that into went effect at 6 p.m. on Sept. 11. One was a Liberty Mutual commercial general liability policy with an aggregate limit of $4 million. The city also bought from London insurers two excess liability policies with aggregate limits of $50 million and $25 million. The three policies expired on Dec. 31, 2002. All covered the city and additional named insureds as added later. This $79 million cover was the only insurance that the city would ever obtain from the private-sector market to address its liabilities arising out of rescue and recovery from the towers' collapse.
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