DHS OIG: A Review of the World Trade Center Captive Insurance Company

OIG-08-21 – A Review of the World Trade Center Captive Insurance Company (PDF, 53 pages) New 08/12/2008.

  • “Due to the risks assumed by the city and its contractors working without commercial insurance coverage, Public Law 108-7 directed FEMA to provide up to $1 billion to create an insurance company. New York City, with funding from FEMA, established the World Trade Center Captive Insurance Company in July 2004. The company was to insure the city and its contractors for claims arising from debris removal at the WTC and related sites. As of March 2008, individuals alleging health problems from work at the WTC site had filed 9,397 suits against the city and its contractors. While 6 claims totaling $320,936 were settled with insureds for plaintiffs with broken bones and cuts, no claims involving alleged cases of respiratory problems, gastrointestinal illness, or cancer have been settled, since such cases are the subject of litigation.”
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