2024-04-05 08:38:41
After the collapse of a bridge in Baltimore, United States due to a cargo ship, this could become the largest marine insurance payout on record. This is according to the president of the British insurance company Lloyd’s of London.
“It is perceived as a very substantial loss, potentially the largest maritime loss ever insured, although not outside the parameters we planned,” the company’s top executive told CNBC. Bruce Carnegie-Brown.
“We are beginning to deploy resources anticipating that this will be a very substantial claim for the industry,” he added.
Six workers are believed to have died in the incident on the Francis Scott Key Bridge, which occurred in the early hours of Tuesday.
The disruption of ship traffic at the Port of Baltimore could cause knock-on economic effects, mostly locally, experts warn.
Baltimore is the largest vehicle handling port in the country. Cars and heavy farm equipment are transported there, according to Transportation Secretary Pete Buttigieg.
Goods worth between 100 and 200 million dollars pass through the port daily.
Carnegie-Brown told CNBC there would also be claims for the ship, cargo and bridge, but it is the “second-order impacts” that would become substantial and “will take some time to resolve.”
A US government task force assessing supply chain disruptions met Wednesday to discuss potential impacts to regional and national supply chains following the bridge collapse, according to a White House statement.
LDAV
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2024-04-05 08:38:41