Search Site
WTC Captive Insurance: Still Funded, Lacking Direction

A non-profit agency intended to provide for those injured on September 11 remains funded — with an uncertain future.

Originally created by Congress, the WTC Captive Insurance Co., endeavors to protect New York City from lawsuits and provide compensation for those injured on September 11 or its aftermath.

According to a New York Post article, the WTC Captive Insurance Co., has settled more than 12,000 lawsuits and few cases remain pending. However, one claim that remains pending may be a harbinger of those to come.

After the September 2001 attacks, New York man Fernando Venegas participated in clean-up work at Deutsche Bank and other offices. Mr. Venegas now suffers mesothelioma, a rapidly spreading cancer generally caused by exposure to asbestos.

WTC Captive Insurance Co. holds funds for those who develop conditions that have long latency, like mesothelioma. It is likely Mr. Venegas is one of the first of the next wave of claimants to the agency. Of an original $1 billion bequest, approximately $325 million remains.

In the meantime, administration of the agency may spend-down its funds before the job is done. According to the Post, expenses claimed by the non-profit include:

  • Approximately $5 million is spent on executive salaries, consultants and operating expenses each year. The president and CEO, Christine LaSala, earns an annual salary of approximately $234,000.
  • In 2012, defense attorneys were paid over $30 million.

Congress directed the agency to remain active until 2029, but the company may wind down sooner than intended. In 2013, then-Mayor Bloomberg entered into talks with Warren Buffet to convert its remaining funds into a commercial-insurance policy.

While Mayor De Blasio contemplates the proposal of his predecessor, time passes, the funding of the WTC Captive Insurance Co. shrinks and quietly developing cancers loom on the horizon.

If you have questions about a compensation claim following the 9/11 terrorist attacks, speak with an experienced injury attorney in New York City from Barasch & McGarry.

Leave a Reply

Your email address will not be published. Required fields are marked *

Compensation available to residents and office workers, teachers and students – not just responders and volunteers
Our Attorneys
  • "Barasch McGarry Salzman & Penson handled everything professionally and with patience. They always had time to answer all my questions and did what they promised. Thanks esp to Brian Calamaris Lee London, and Mariya Atanasova. Thank you." - William Collins, FDNY

  • "If I could give them six stars I would...don't even bother talking to anyone else concerning 9/11. The whole team worked night and day to deliver an outstanding settlement. They are honest, hard working and extremely professional. Just make the one phone call and let them do the rest." - Les Margulis, resident in the exposure zone

  • "I had a very good experience with Michael and Mariya. They made the process stress free. I would recommend this firm to anyone seeking assistance with 9/11 related illnesses." - JE Kirwan, worked in the exposure zone

  • "The people at this firm were just great. They were concern with making sure I was taken care of in every way possible. When I was given an award Mr. Barasch didn't think it was a fair amount and appealed the decision which got me a larger award. I am very satisfied with everything they did for me in the past and are willing to do for me and my family in the future." - Bob Wiecezak, FDNY-Retired

  • "Excellent law firm. Lee London and his staff were very responsive and always followed up with phone calls or emails. This firm is a strong example of what caring and personable lawyers are all about." - Letitia Egan, wife of client, volunteer in the exposure zone

  • Deadline Extended to Register for Compensation

    There is still time to apply for significant compensation if you have been diagnosed with any of the 68 cancers that doctors at the WTC Health Program (WTCHP) have linked to the WTC toxic dust. The deadline to apply to the Victim Compensation Fund (VCF) is two years from the date that a cancer has been certified by the WTC Health Program — or any other governmental agency. The two-year period to register doesn’t start on the day of a cancer diagnosis. Rather, it starts only when a cancer survivor is made aware their cancer was linked to exposure to the WTC toxins.

    For those who died from their WTC-linked cancers, the two-year period for their family to register starts on the day of the death of the WTC victim.

    Register For Compensation

Please help spread the word about the strict two-year deadline to register a claim

Many people have tried to complete the VCF application on their own, only to learn that it requires answers to hundreds of questions and many documents to download. It would be our pleasure to help you complete the process in order to ensure that you receive the compensation that you are entitled to. Please call us for a free consultation.

Let a knowledgeable attorney help you figure it out

A cancer diagnosis can be terrifying. You undoubtedly have questions about your disease and how you will pay for treatment. Lawyers at Barasch & McGarry ensure you understand the complex requirements and help devise the best strategies for obtaining compensation and appropriate medical care under the Zadroga Act. Contact our law firm online or call 888-351-9421. The initial consultation is free, so it costs you nothing to find out whether a lawyer can help.
  • Barasch & McGarry Personal Injury Websites

  • Subscribe to our Newsletter

  • Contact Us

    Fill out the form below with any questions or info on how to get your free consultation

    Quick Contact Form