Policies not triggered – insurers in Dubai Aerospace Enterprise case

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

The 11 defendants – Lloyd’s, Abu Dhabi National Insurance Company, AIG, AXIS Specialty Europe, Chubb, Fidelis Insurance Ireland, Global Aerospace Underwriting Managers, Great Lakes Insurance, HDI Global Specialty, Starr Europe Insurance, and Swiss Re – in the High Court case in London argue in their submissions that sanctions against Russia have not triggered DAE’s insurance policies.

According to Law360, DAE is claiming a total of $875 million. As previously reported, the Dubai-headquartered aircraft lessor had written off $576.5 million for 19 planes stuck in Russia.

Last week, DAE reported that the fleet size of its DAE Capital division for the full year 2022 stood at around 500. The number spans the company’s owned, managed, committed, or mandated-to-manage aircraft. DAE Capital has 118 customers in 59 countries, while the DAE Engineering segment served over 50 customers in 25 countries in FY22.

Meanwhile, a recent lawsuit added to the mix – also in the UK – is that by Merx Aviation Servicing against Chubb Europe and others.

Authore – Abhi Bhardwaj

Hello friends, my Abhi Bhardwaj I am the owner of newsagent24.com and I am also a student. recently I just completed my graduation I am doing blogging since 2020 I love to write and always love exploring, and sharing knowledge with others that is why I started this blog basically this blog is related to us stock market, real estate, insurance, crypto, finance and tax if you have any qouri then please don't be shy

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