The largest aircraft owner in the world claims over $ 1 billion insurance

The largest aircraft owner in the world claims over $ 1 billion insurance

The world's largest aircraft rental company AERCAP can get more than $ 1 billion back to aircraft that are stuck in Ukraine in Russia since the invasion. This was determined by the High Court in London on Wednesday, although the sum is lower than the approximately $ 2 billion that was originally requested.

court decides in favor of the leasing companies

The court mainly decided in favor of the leasing companies in a more difficult litigation with insurers. This mammoth process is one of the greatest insurance disputes that have ever been negotiated in London and ended in February.

focus of the lawsuit and the amount in dispute

The lawsuit focused on almost 150 jets and some engines, whose total value was up to $ 4.7 billion. However, the numbers were significantly reduced by comparisons - including a direct comparison on the first day of the negotiations in October.

judgment on loss of loss

Judge Christopher Butcher said in a summary of his judgment that the planes were lost and that this loss had occurred on March 10, 2022 when a law in Russia prohibited the export of aircraft and aircraft technology.

Liability claims against insurers

This means that the landlords were able to reclaim the financial loss of their "war risk insurers", not in the context of a comprehensive all -hazard clause, since the cause of the loss was a "trade or an arrangement of the Russian government", says Butcher.

No restrictions from sanctions

also decided that the insurers were not prevented from compensating for the loss of aircraft through sanctions by the European Union or the United States from being defended by the loss of aircraft.

aercap secures considerable compensation

The law firm Herbert Smith Freehills Kramer, who represents Aercap, said the judgment of a secure $ 1.035 billion for aercap, "in addition to considerable repayments that were achieved in previous comparisons."

previous comparisons

Butcher found in his judgment that Aercap had received a little more than $ 1.3 billion from six comparisons with lessons and a Russian insurance company between August and December 2023.

claims against leading insurers

aercap, Dubai Aerospace Enterprise, Merx Aviation, KDAC Aviation Finance, Falcon and Genesis led the claims against a number of insurers, including AIG, Lloyd’s, Chubb and Swiss Re.

KDAC and comparison regulations

As Butcher found in his judgment, KDAC compared all of his claims during the process, while Aercap, Dae and other landlords have regularly announced.