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Insurers of plane 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 – within the High Court case in London argue of their submissions that sanctions towards Russia haven’t triggered DAE’s insurance coverage insurance policies.
According to 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.
Last 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 nations, whereas the DAE Engineering section served over 50 clients in 25 nations in FY22.
Meanwhile, a latest lawsuit added to the combo – additionally within the UK – is that by Merx Aviation Servicing towards Chubb Europe and others.