Jurisdiction(s):
United Kingdom and Ireland

England and Wales High Court: Insurers say Russian-held Boeing not lost; lessor lacks cover and no direct right under Russian law in US$20m claim

Published on: 03 April 2024

Published by a Law360 reporter

Legal News

Article summary

GASL Ireland Leasing A-1 Ltd

GASL Ireland Leasing A-1 Ltd did not, in fact, lose the aircraft and therefore cannot claim its value under two insurance policies, according to an amended High Court defence dated 12 March 2024 filed by an insurer and two Lloyd’s of London syndicates, now made public. The defence states this is evident because lessors of aircraft leased to Russian airlines subsequently entered into insurance settlements whose purpose and effect were to sell, dispose of and transfer the full legal and beneficial title to the leased aircraft to Russian entities for market value. The insurers (Tokio Marine Kiln Syndicates 510 and 1880, and HDI Global Specialty SE) contend that the policies respond only to physical damage to the aircraft or to a ‘loss by deprivation of possession suffered by the lessee’. The filing further asserts that the cover does not insure against a lessor’s inability to take possession of the aircraft from the lessee...

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