August 12, 2024
A California judge has denied a motion for summary judgment from insurers in a lawsuit brought by insureds seeking coverage for major financial losses. The case centers on aircraft leased to Russian airlines that were not returned after Russia’s invasion of Ukraine, resulting in losses valued at $127,810,258.48 for the insured party. The judge determined that the insurers did not successfully prove that the insureds had not incurred a “physical loss” as defined under the aircraft hull coverage section of their policy.
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