US bridge collapse could lead to record marine insurance loss, says UK insurer. A ship crashing into a Baltimore bridge resulted in presumed deaths and potential $3bn damages.
Lloyd’s of London CEO, John Neal, confirms it’s one of the largest marine losses ever but assures insurance coverage.
The Maryland Department of Transportation seeks $60m in emergency funds. The closure could cost up to $15m, affecting global commerce.
Barclays analysts estimate insurance claims at $3bn, including bridge damages and wrongful death fees. President Biden suggests federal aid for bridge rebuilding.
The process is expected to be lengthy, but efforts are underway to restore the bridge and port operations.
(Source: Adapted from BBC)
https://www.bbc.com/news/world-us-canada-68688856