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.