Baltimore: 80 insurers and insurers share claims from the wreck of Dali

Many major insurance companies will share the projected billion dollars caused by the collapse of a bridge in its port, analysts say. About 80 insurers and insurers have been burdened with damage to a total of $3 billion by Britannia P&I Club and International Group of P&I Clubs, Moody’s Ratings analyst Brandan Holmes wrote yesterday (28.03.24). Pools had secured the ship that rammed the bridge as it exited the port and caused its collapse. “Although the requirement will be large, it will not be important for individual insurers and insurers because it is distributed to so many.” According to an S&P Global rating home report, Loretta Walters from the Insurance Information Institute estimates that only reconstruction of the Francis Scott Bridge will cost $1.2 billion. The owner of the ship – 300 meters long, nine years old “Dali” – will probably be held responsible for this. This is Grace Ocean Pte. from Singapore. The international P&I Clubs group is largely covered by reinsurance under the leadership of AXA XL. The Britannia P&I Club stated that the exact cause of the accident has not yet been determined. It will take years to clarify matters of responsibility, writes S&P. Maritime liability insurance (P&I) covers damage caused by ships to fixed or floating objects. In addition to net reconstruction costs, further damage is likely to occur, for example due to the exclusion of the port and the consequences for the environment. This could also affect business closure contracts if supply chains are disrupted. Baltimore is an important port for the export of trucks and trailers, among others. According to Allianz estimates, about 800,000 vehicles with 1.3 million tons of cargo passed through the port last year. Ship collisions have become rare in recent years, writes the insurer. In the last ten years, only 30 ships have been lost due to collision with other ships and four due to collision with port facilities.