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         This judgment concerns an application for assessment of damages against the eighteenth named defendant, PICC Property and Casualty Company Limited (" PICC "), following judgment in default of appearance granted by the High Court (McDonald J) on 29 April 2024.
         The application was heard on 6 November 2025. Despite PICC having been served in accordance with an order for substituted service made on 6 March 2023, there was no appearance by or on behalf of PICC.
         The plaintiffs provided two witness statements from Ms Stefania Raimondi, Senior Vice President on the transaction legal team at CDB Aviation Lease Finance DAC, the first plaintiff. Ms Raimondi also gave oral evidence. The documentation relied on by the plaintiffs was provided as exhibits to her witness statements.
         Ms Raimondi explained in her evidence that the agreed value is based on 115% of the purchase price of an aircraft, to include cost of funding, and to allow for the different specifications of each aircraft.
         By way of what are referred to as 'slips', a number of insurance companies, including PICC, agreed the percentage of the total cover which each would provide under the Policy. PICC executed a slip on 18 May 2021 by which it agreed to cover 10% of the total liability under the Policy.
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