#lloyds-of-london — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #lloyds-of-london, aggregated by home.social.
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The New York Times - Breaking News, US News, World News and Videos [Unofficial] @[email protected] ·Inside the Room Where War Insurance Is Bought and Sold
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Hormuz Dateline
The war now has the smell of salt, oil, and old empires trying to defy the tide. Thirty-three kilometres. That is the width of the Strait of Hormuz at its narrowest navigable point: two shipping lanes, each two miles wide, one in, one out, with a median strip of Iranian territorial water between them. Through those lanes passes approximately 21 million barrels of oil every single day. That is one barrel in every five consumed anywhere on earth. Add the liquefied natural gas, and you have […] -
Putin’s seizure of 147 leased civil aircraft leads to a multi billion legal victory for firms against insurance companies
President Putin Pic credit: President’s office RussiaCase came as a result of action taken after Russia launched Ukrainian war
An extraordinary ground breaking judgment last week which has received little publicity outside the insurance and legal world has cost the insurance industry, including Lloyds of London, billions of pounds in claims as a direct result of the current Ukraine war.
At the time Russia invaded Ukraine in 2022 Russian civil aviation firms, mainly Aeroflot and S7, a private Siberian airline, were leasing 147 aircraft and 16 spare engines from companies across the world. As soon as this happened the companies wanted their planes back as they came under sanctions against Russia issued by the EU, US, and the UK.
But the move was thwarted by PresIdent Putin who passed a law banning the export of all the planes and the spare engines from leaving Russia and they are still there today.
The decision led to an extraordinary legal case coming before the Commercial Court in London when six of the companies came together to claim against their insurers to get their money back in a joint action that could cost the insurers over £3.4 billion.
Mr Justice Butcher; Pic Credit: Judiciary websiteThe case which has been quietly rumbling on for five months was a lawyers’ bonanza with more than 50 barristers employed on both sides-. It was heard by Mr Justice Butcher who has issued a 230 page ground breaking judgment covering 100 years of case law.
The six leasing companies were Aercap Ireland: Dubai Aerospace Enterprise, Falcon 2019-1;KDAC Aircraft Trading; Merx Aviation Servicing and Gasl Ireland Leasing A-I. Aercap Ireland, based in Dublin, is the world’s largest aircraft leasing company.
The insurance companies involved included Lloyds,AIG Europe; Chubb European Group and the underwriting group Kiln Syndicate 510. KDAC settled with Chubb before the end of the case. To add to complications under Russian law they had also to have insurance from Russian companies.
S7 – the Siberian Airline which leased many of the jetsThe dispute centred round whether the aircraft were covered by ” all risks” policies or ” war risks” polices. The judge ruled that they were covered by “war risks” policies because of the action of Putin in banning them leaving Russia. This will mean the companies will not get all the money they claimed but it will still run to billions of pounds The judge also rejected an argument from the insurers that sanctions against Russia prevented them paying out any money.
The ruling is also significant as it would spark off other claims against insurers and there were 400 leased aircraft in Russia at the time. The insurers have until the end of this week to appeal.
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#aircraftLeasing #finance #insurance #lloydsOfLondon #presidentPutin #ukraineWar
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Financial Times: Insurers launch cover for losses caused by AI chatbot errors. “Insurers at Lloyd’s of London have launched a product to cover companies for losses caused by malfunctioning artificial intelligence tools, as the sector aims to profit from concerns about the risk of costly hallucinations and errors by chatbots.”
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“The more women onboard a slave ship, the more likely a revolt” - Rebecca Hall
#BooksOfMastodon #graphicnovels
#Photography #GracielaIturbide #slaveRevolts #middlePassage #LloydsOfLondon #Capitalism #WestAfrica #Dahomey #Ahosi #Whydah / #Ouida #Benin -
“Reclaim Finance carried out an analysis of the coal and oil and gas policies applicable to the underwriting activities of the 51 Lloyd's managing agents, rating them in three main categories: Ultimate laggards, Slow movers, Front runners.” #LloydsOfLondon #Insurance #FossilFuels #Climate
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Lloyd’s of London-Backed Insurance Policies Can Now Be Paid for in Crypto on Ethereum - Cryptocurrency insurance underwriter Evertas, a Lloyd’s coverholder, has teamed up with s... - https://www.coindesk.com/business/2024/07/31/lloyds-of-london-backed-insurance-policies-can-now-be-paid-for-in-crypto-on-ethereum/?utm_medium=referral&utm_source=rss&utm_campaign=headlines #lloydsoflondon #exclusive #insurance #finance #evertas #nayms #news #uk
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#MothersRiseUp sending a clear message outside the #LloydsOfLondon offices: #StopEACOP #StopRosebank
NO NEW FOSSIL FUELS, FOR THE SAKE OF THE KIDS! #EndFossilFuels
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Hey #LloydsOfLondon! "Whenever you fund the game: Coal, oil, gas, and shame. Right then, there, I feel that burning pain. Well ya' treating me bad. Why can't you see? This ain’t the way it's supposed to be!"
#MothersRiseUp 💚✊ #StopEACOP #ClimateCrisis
@InsureOurFuture #EndFossilFuels -
To this day, when a ship is lost, it is recorded by hand, in ink, in the Casualty Book at the underwriting floor of Lloyd's of London. This story is of a visit to find the entry for Shackleton's Endurance.
https://www.bbc.com/news/science-environment-64818864
#History #LloydsOfLondon #Ships #Endurance #Insurance #Marine
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Santa momma 🧑🏽🎄 is on her way to Lloyds Of London!
Unfortunately, Chair of Lloyd's Bruce Carnegie-Brown & CEO John Neal have made the NAUGHTY LIST 👎🏽 of fossil fuel insurers …again!
Lloyd’s, give our kids what they need this Xmas: a fighting chance of a healthy planet. 🌍
#MothersRiseUp #InsureOurFuture #LloydsOfLondon @InsureOurFuture #EndFossilFuels
