Litigants in London lined up this week as the High Court considers insurance claims on the more nearly 500 western-built commercial aircraft stranded in Russia since February 2022.
Insurers, including AIG and Lloyd's of London contend the stranded fleet is not a total loss, and the aircraft may be recovered. Claimants, including leasing giant AerCap are reportedly seeking up to $3 billion from insurers.
While the Aircraft may be intact, years of undocumented maintanance render them ineligible for service in western countries without extensive, costly redocumentation and refurbishment.
Bloomberg reports Insurance companies previously contended the planes are not lost as Russian airlines continue to use them and specific exclusions in the policies apply, negating cover. Lawyers for insurers are yet to open their case in the trial.
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