Jurisdiction(s):
United Kingdom and Ireland

English High Court mega-trial on 'lost' Russia-held aircraft: war-risk versus all-risk, sanctions, and seismic exposure for London insurance and reinsurance markets

Published on: 02 October 2024

Published by a Law360 reporter

Legal News

Article summary

High Court judge Christopher Butcher is poised to decide whether the aircraft stranded in Russia after sanctions followed the invasion of Ukraine in February 2022 should be treated as ‘lost’ or whether, at least in principle, they might ultimately be returned. “The court’s answer on this issue will provide helpful guidance for other cases where an undamaged asset has been improperly kept and there remains a chance the assets will come back,” said Chris Neilson, a partner at Mishcon de Reya LLP. AerCap Holdings NV, the world’s largest commercial aircraft lessor, and others are pursuing recoveries from insurers including AIG and Lloyd’s of London. The owners say they were compelled to cancel their leases and have been left out of pocket while many of their jets remain in Russia and continue to be flown by Russian carriers. The lessors argue they bought valid contingent cover and held policies protecting their fleets that should respond if their primary insurers decline to pay. Related claims concerning operator policies are also moving forward and are scheduled to start in November 2024. One of the main contests during the 12‑week trial will centre on unresolved points yet to be argued before the court itself...

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