On Friday 16th May 2003, the Court of Appeal unanimously upheld the “Kuwait” decision of Mr Justice Langley, and also confirmed that the BA aircraft loss was a 1991 Gulf War loss, rather than a loss which arose out of the 1990 invasion of Kuwait by Iraq. As a result the BA excess of loss claim has a date of loss of 13-26th February 1991 and cannot be aggregated with the excess of loss claim arising out of the KAC fleet losses.
Equitas’ (on behalf of the Scott syndicate’s) appeal against the first instance findings was dismissed. In a ringing endorsement of these findings, the Court of Appeal took the opportunity to establish several points of principle which are important to the insurance and reinsurance markets alike.
