Insurance
Apr. 2, 2024
Air Lease Corp. sues Lloyd’s of London syndicates for denying coverage in Ukraine
The firm claims that its insurers changed the "war risk" coverage area to exclude Russian-controlled territory. Air Lease is seeking over $1 billion in damages and a declaration that actions taken by the Russian government fall within "war risk" perils.
An aircraft leasing firm in Los Angeles has sued Lloyd’s of London syndicates over their alleged refusal to cover its losses in Ukraine following Russia’s invasion.
Air Lease Corp. says it has been unable to repossess approximately 30 aircraft and engines leased to Russian airlines operating in Ukraine. It claims that its insurers, various Lloyd’s of London syndicates, changed the “war risk” coverage area to exclude Russian-controlled terr...