The catastrophic collapse of a key bridge in Baltimore, following a collision with a massive cargo ship, may lead to the largest marine insurance claim in history, according to Lloyd’s of London. The incident, which is presumed to have resulted in six fatalities, has disrupted global supply chains and could see insurance losses reach into the billions, with early estimates suggesting figures between $1 billion to $4 billion. The situation has significant ramifications for the insurance industry, potentially exceeding the payouts of the Costa Concordia disaster. The Francis Scott Key Bridge's collapse not only impacts cargo and shipping operations but also has extensive "second-order impacts" on businesses and supply chains, particularly in Baltimore, a crucial hub for auto imports and exports in the U.S. Investigations into the cause of the crash, involving a Singapore-flagged vessel operated by the Synergy Group and chartered by Maersk, are underway, with implications for legal liability and insurance coverage. The insurance industry braces for a complex claims process, highlighting the resilience of the sector despite the unprecedented scale of the disaster.
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