Jurisdiction(s):
United Kingdom

High Court of England and Wales: reinsurers contend Bank of Utah’s Russian jet engine claim time-barred under two-year Russian limitation; coverage, notification and valuation disputed

Published on: 03 November 2025

Published by a Law360 reporter

Legal News

Article summary

The reinsurers, in their High Court defence, argue the bank cannot seek monetary compensation for the engine it claims it no longer holds because the two‑year limitation has now expired. The defence, dated 17 October 2025 and only recently disclosed to the public, states that reinsurance contracts are subject to rules governing business risk insurance. They characterise the contracts, under Russian law, as a particular form of property insurance contract. On that legal basis, the limitation clock starts when the creditor submits a demand for performance, the reinsurers say. They add that the two‑year period for the claimant’s rights under the Insurance policy and/or the reinsurance policies lapsed on 13 September 2024. Bank of Utah, acting solely as owner trustee of the engine and not in its individual capacity, brought civil proceedings against Russian insurer AlfaStrakhovanie in August 2025 for up to US$10m. The Bank maintains it is contractually owed an indemnity to cover the alleged loss of and/or damage to the engine. Bank of Utah further stated that, as...

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