2nd Circ. Rules For Airline Insurers Over Lost Parts

Law360, New York (July 2, 2012, 2:27 PM EDT) -- The Second Circuit on Monday upheld a New York federal judge's finding that nine insurers did not owe coverage to aircraft equipment lessor Fleet Business Credit LLC for the loss of parts rented to now-defunct airline Tower Air Inc.

A three-judge panel handed down a summary order affirming the July 2011 decision in favor of defendants Global Aerospace Underwriting Managers Ltd., Marine Insurance Co. Ltd., Munchener Ruckversicherungs-Gesellschaft and six others. The 2002 suit claimed the insurers improperly denied coverage to Fleet and lender Highland Capital Management...
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