For seven days, the world's biggest aircraft lessors laid out their claims to recover losses on planes beached in Russia due to the war in Ukraine. From sanctions to settlements, the defendants will now argue why cover is being denied.
They say their insurance policies were meant to pay out in 90 days for aeroplanes lost by acts of war. Yet nearly a year after Russia's full-scale invasion of Ukraine, some of the world's largest aircraft lessors are fighting tooth and nail for compensation.
Last July SMBC Aviation wrote off $1.6 billion as 34 of its jets were marooned in Russia with little hope of recovery. It is now following a well-beaten path to the Irish High Court to pursue its claims against its insurers.
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