A view of the Francis Scott Key Bridge, after the Dali cargo vessel crashed into it causing it to collapse, in Baltimore, Maryland, US, on Mar 26, 2024. LONDON: Baltimore's Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as US$4 billion, which would make the tragedy a record shipping insurance loss.
"Depending on the length of the blockage and the nature of the business interruption coverage for the Port of Baltimore, insured losses could total between US$2 billion and US$4 billion," said Marcos Alvarez, managing director for global insurance ratings at Morningstar DBRS. Ship liability insurance, which covers marine environmental damage and injury, is provided through protection and indemnity insurers known as P&I Clubs.
'We've got to stop all traffic': Police radio captures calm, then panic, as Baltimore bridge collapses
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