As a private developer with a 99-year lease on the World Trade Center, Silverstein insured the property. Following the September 11, 2001 attacks, he sought payment for the destruction of the towers as two incidents. The two dozen insurers held that it was one incident. If it were considered to be a single incident, the payout would be $3.55 billion and if it were two incidents, it would be $7.1 billion. Silverstein sued the insurers. In October of 2006, the U.S. Court of Appeals for the Second Circuit upheld a Southern District verdict by a jury that the attacks must be considered a single occurrence. Yet, the same court also upheld a victory in the second phase of trial which was awarded to Mr. Silverstein in which temporary insurance policies in effect when the buildings were destroyed did require that the attack to be treated as two occurrences. Thus, nine insurance companies will pay double the approximately $1 billion in coverage under their policies.