Ship's owner, manager try to limit liability in Baltimore accident

Wreckage lies across the deck of the Dali cargo vessel, which crashed into the Francis Scott Key Bridge causing it to collapse, in Baltimore, Maryland US on March 29, 2024 before it collapsed last week filed a court petition on Monday seeking to limit their legal liability for the deadly disaster.

Their joint filing seeks to cap the companies' liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was carrying freight worth over $1.1 million in income for the companies. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs.

A report from credit rating agency Morningstar DBRS predicts the bridge collapse could become the most expensive marine insured loss in history, surpassing the record of about $1.5 billion held by the 2012 shipwreck of the Costa Concordia cruise ship off Italy. Morningstar DBRS estimates total insured losses for the Baltimore disaster could be $2 billion to $4 billion.

Experts say the cost to rebuild the collapsed bridge could be at least $400 million or as much as twice that, though much will depend on the new design.

Source: Law Daily Report (lawdailyreport.net)

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