High Court begins hearing aviation insurance dispute following sanctions on Russia

The High Court has begun hearing what is expected to be a months-long trial involving claims by aviation leasing firms over insurers’ alleged refusal to provide indemnity after billions of euro worth of aircraft were detained in Russia following its invasion of Ukraine.

The world’s second and third-largest lessors, SMBC and Avolon, along with BOC Aviation, CDB Aviation, NAC Aviation, and Hermes are the six plaintiff groups bringing proceedings against dozens of insurers and reinsurers, including Lloyds, Chubb, AIG and Fidelis.

The plaintiffs say when the Russia invaded Ukraine on February 24th, 2022, the aircraft were subject to aircraft lease agreements with Russian airlines.

Following the imposition of EU sanctions on Russia, the leasing firms sought the return of the aircraft, but they were not returned.

The firms are seeking orders and declarations, including that they are entitled to cover under either “war risk” or “all risk” policies.

The insurance firms deny the all risk or…

We’ve summarized this news for a quick read. If you’re interested, you can read the full article here:

Breakingnews.ie