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Insurers pay Millennium & Copthorne $24.9m more for 11 September

09 March 2005 by
Insurers pay Millennium & Copthorne $24.9m more for 11 September

Millennium & Copthorne Hotels has received a further $24.9m (£12.9m) in compensation for the 11 September terrorist attacks.

The pay-out, which takes the final damages total to $85m (£44.1m), relates to the four-star, 565-bedroom Millennium Hilton hotel in New York.

The property stands 180 metres from the site of the twin towers disaster and reopened in May 2003 after its glass front was destroyed.

There were no fatalities at the hotel and the building was deemed structurally sound.

The dispute with insurance company Travelers Property Casualty Company of America, which began in late 2002, related to the terms and duration of the policy.

The all-risk policy ran from 1 January 2001 to 1 January 2002.

Yesterday's agreement for a full and final settlement was for losses incurred as a result of property damage and loss of business.

The insurance company had already paid the 90-strong hotel chain a total of $50.01m (£26m) since the disaster.

In addition, Millennium & Copthorne received $10m (£5.2m) from its primary and first excess insurers in 2002.

by Tom Bill

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