KUWAIT AIRWAYS CORPORATION AND ANOTHER v. KUWAIT INSURANCE CO. S.A.K. AND OTHERS

[2000] 1 Lloyd's Rep. 252

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Langley

Insurance (Aviation) - War risks - Allied perils - Iraq invaded Kuwait - Iraq removed Kuwaiti aircraft and spares - Plaintiffs claimed under insurances - Plaintiffs entitled to be indemnified in respect of aircraft up to a maximum of U.S.$300 m. and in respect of spares up to a maximum of U.S.$150 m. - Whether credit for value of recovered aircraft to be shared proportionately - Whether recoveries of aircraft to be valued at “agreed values” or market values - Whether recoveries of aircraft and recoveries of spares to be credited against policy limits for aircraft and spares.