Tragic Baltimore Bridge Collapse this Morning.

[adjusterjack]

5 minutes into this video shows the collision and collapse.

Ship Lost Power Before Hitting Key Bridge in Baltimore (youtube.com)

Analysis of the ship's route.

MV Dali Hitting Key Bridge in Baltimore - Track and Video Analysis (youtube.com)

 

[fed up]

That's going to mess up traffic and boat traffic out of Baltimore for months

 

[Tahoe Ray]

That's going to mess up traffic and boat traffic out of Baltimore for months

They're saying that it's going to have supply chain implications, too.

Terrible for those people as well...

 

[marindependent]

The whole thing is horrible and very sad. Really bad bad news for the good Citizens of Baltimore.

I cant help but imagine that this insurance claim / lawsuit will go on and on for years. How much insurance could these ships possibly carry?

The San Francisco Bay Bridge costed upwards of $6BB to rebuild.

 

[Chris]

We shall see....

The videos are intense, so I'm sure to see the collapse like that. We are lucky it was later in the evening/morning. Any loss of life is tragic, hopefully those numbers stay low.

 

[marindependent]

"Baltimore disaster may be the largest-ever marine insurance payout, Lloyd’s boss says"

CNBC

 

[marindependent]

I must be a geeky insurance nerd because I find this entire tragedy fascinating...who is responsible for what and who pays for it?

According to CNN [not necesarily the best resource on these matters though] "With various owners and companies involved – and with some maritime laws predating even the Titanic sinking – untangling the web, figuring out who owes what, and addressing the damages from both lives lost and to physical structures will be complex."

"The Dali ship is owned by Grace Ocean Private, a Singapore-based company, and insured by the Britannia Protection and Indemnity Club.
Britannia is one of the dozen marine insurance member clubs under the International Group of P&I Clubs, a consortium that provides marine liability coverage for 90% of ocean freight and pools liability claims among members. (The International Group of P&I Clubs did not respond to CNN’s request for comment.)
These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer.
Around 80 different reinsurers provide around $3 billion in coverage to the Dali’s insurers, according to Moody’s analyst Brendan Holmes. Since the losses will be spread across so many insurers, it’s unlikely to bankrupt any of the companies or cause a major bump in insurance prices, he said.
Miklus told CNN that these P&I insurance clubs collectively pool losses, but they also buy “an extensive reinsurance program.”
“So, when we start talking about losses of a billion or more, this is being spread through the whole global reinsurance market,” Miklus added...."

But... "While Dali is owned by Grace Ocean Private, it was chartered by Danish shipping giant Maersk when it plowed into the bridge early Tuesday morning.
When it comes to maritime law, “all the liability ends up with the ship owner, which will be the Singaporean company,” said Martin Davies, the director of the Maritime Law Center at Tulane University. “Maersk, the Danish company that has all the cargo on board the vessel, is not liable,” Davies added.
But the ship owner has the potential to significantly cap how much it is liable for in this case, thanks to a statute that dates back to 1851.
The statute – which was used by the owners of the RMS Titanic, among other instances – could limit the ship owner’s liability to how much the Dali was worth after it crashed."