Saturday, February 4th, 2023

Insurance policies not triggered, say insurers in London case in opposition to Dubai Aerospace Enterprise

Policies not triggered, say insurers in London case against Dubai Aerospace Enterprise

Insurers of plane lessor Dubai Aerospace Enterprise (DAE) insist the latter isn’t eligible for compensation.

The 11 defendants – Lloyd’s, Abu Dhabi Nationwide Insurance coverage Firm, AIG, AXIS Specialty Europe, Chubb, Fidelis Insurance coverage Eire, International Aerospace Underwriting Managers, Nice Lakes Insurance coverage, HDI International Specialty, Starr Europe Insurance coverage, and Swiss Re – within the Excessive Court docket case in London argue of their submissions that sanctions in opposition to Russia haven’t triggered DAE’s insurance coverage insurance policies.

In accordance with Law360, DAE is claiming a complete of $875 million. As beforehand reported, the Dubai-headquartered plane lessor had written off $576.5 million for 19 planes caught in Russia.

Final week, DAE reported that the fleet dimension of its DAE Capital division for the complete 12 months 2022 stood at round 500. The quantity spans the corporate’s owned, managed, dedicated, or mandated-to-manage plane. DAE Capital has 118 clients in 59 international locations, whereas the DAE Engineering phase served over 50 clients in 25 international locations in FY22.

In the meantime, a current lawsuit added to the combination – additionally within the UK – is that by Merx Aviation Servicing in opposition to Chubb Europe and others.

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