Parts Losses Not Covered Under Airline's Policy: Judge

Law360, New York (July 8, 2011, 2:32 PM EDT) -- A New York federal judge ruled Wednesday that several insurers did not owe lessor Fleet Business Credit LLC and its secured lender coverage as additional insureds for the loss of aircraft equipment that it rented to now-defunct Tower Air Inc.

Following a weeklong bench trial, U.S. District Judge Barbara S. Jones concluded that Global Aerospace Underwriting Managers Ltd., Marine Insurance Co. Ltd., Munchener Ruckversicherungs-Gesellschaft and four others did not breach their contracts with Fleet and lender Highland Capital Management LP by denying them coverage for missing...
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