financetom
Business
financetom
/
Business
/
Ship insurer Britannia is helping in Baltimore bridge probe
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ship insurer Britannia is helping in Baltimore bridge probe
Mar 28, 2024 5:52 AM

LONDON, March 28 (Reuters) - Britannia, the insurer of

container ship the Dali, is working with the vessel's owner and

U.S. authorities on the investigation into the collapse of

Baltimore's Francis Scott Key Bridge, the insurer said on

Thursday.

The bridge collapsed on Tuesday after the Dali suffered a

power outage and struck a pylon, causing huge disruption in the

port.

"We are working closely with the vessel's owner and manager

and the relevant U.S. authorities as part of the investigation

into the casualty," Britannia said in a statement.

The disaster is likely to result in industry-wide

multi-billion-dollar insurance claims, which could make it the

largest single marine insurance loss, Lloyd's of London

chairperson Bruce Carnegie-Brown told Reuters earlier

on Thursday.

Ship liability insurance, which covers marine

environmental damage and injury, is provided through protection

and indemnity insurers such as Britannia, known as P&I Clubs.

Britannia declined to comment further.

The International Group of P&I Clubs collectively

insures approximately 90% of the world's ocean-going tonnage and

member P&I clubs mutually reinsure each other by sharing claims

above $10 million. The group holds reinsurance cover up to the

value of $3.1 billion.

The P&I Clubs may be liable for issues such as the

repair of the bridge and clearance of the wreckage, one industry

source said.

Reinsurers - who insure the insurers - in the London

market and major European players such Swiss Re and

Hannover Re are likely to also face claims, industry

sources say. Swiss Re and Hannover Re declined to comment.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved