Application by Claimant for summary judgment/ interim payment of US $150m. Defendants insured Claimant in respect of war risk – Claimant’s air fleet and substantial quantities of spare parts seized on Iraqi invasion of Kuwait – several aircraft and spares subsequently recovered. At Issue: Basis for division of credit between insured and insurer for recoveries of spares and aircraft – whether losses/recoveries to be disaggregated on ‘aircraft by aircraft’ basis. Valuation – whether value of recoveries to be valued according to schedule in the policy or at actual market value at the time of recovery. Whether aircraft recoveries fall to be credited against aircraft recovery limit in policy only and spares recoveries against spares recovery limits in policy only, or whether combined recoveries fall to be credited top down against total limit. Likely amount of total recovery – Interim payment of $150m ordered against Defendant.
Judges:
Langley J
Citations:
[1999] EWHC 281 (Comm)
Links:
Insurance
Updated: 13 June 2022; Ref: scu.201664