Aviation insurance: measure of indemnity

The Abu Dhabi Global Market Court of Appeal has, in Global Private Investments RSC Ltd v Global Aerospace Underwriting Managers Ltd and Others [2023] ADGMCA 001, reversed in part the first instance decision of Sir Andrew Smith [2021] ADGMCFI 0008; [2023] Lloyd's Rep IR 102, concerning the measure of indemnity under a valued policy on an aircraft. On the key question of whether the sum insured included diminution in the value of the repaired subject matter, the Court of Appeal agreed with the judge, but disagreed on a secondary issue concerning aggregation.

Global Private Investments : the facts