High Court publishes Russian Aircraft Lessor Policy Claims Judgment
As widely reported, Justice Butcher’s Judgment was handed down yesterday relating to claims brought by owners and lessors of aircraft that were in Russia at the time of the invasion of Ukraine in 2022.
A copy of the summary of the judgment is available here which has clarified several complex matters brought to the trial including whether the aircraft owners and lessors are entitled to coverage under their war policies or their all risks policies.
Aercap (an Irish aircraft leasing firm) had claimed for US$2bn but has been awarded US$1bn under its war risks policy rather than the all risks policy which would have resulted in a higher award.
We will be in contact with the various syndicates that have exposure to these claims in order to ascertain their reaction to the judgment.
Whether or not there will be any appeal(s) is not yet known.
We will inform our clients of the implications of the judgment as the position becomes clearer in due course.