Lloyd’s of London says the accident is unusual in being a ‘fully insured risk event’ in which the bridge, the ship, its cargo and the port were all covered.
The CEO of Lloyd’s of London urges insurers to promptly pay out for the Baltimore bridge collapse, rather than engaging in prolonged disputes over liability. The incident is unique as it is a “fully insured risk event” with the bridge, the ship that struck it, its cargo, and the port all covered, he said.
In a typical Big Government/Deep State/Central Command way, Biden has promised that the federal government would pay the entire cost to rebuild the Francis Scott Key Bridge in Baltimore after the structure collapsed early Tuesday morning when a container ship struck one of its support beams.
Biden spoke during a press conference at the White House following the collapse of the 1.6-mile-long bridge and said he would push for Congress to approve the funding to rebuild the bridge, but warned that it will “take some time” before traffic once again flows as normal.
Why should the government pay? Everything in this situation is insured. And why should it take a long time? Because the grift and graft needs time to circle the wagons?
Lloyd’s of London chief calls for quick insurance payouts on Baltimore bridge https://t.co/rKq9Ododer
— Financial Times (@FT) March 28, 2024
This could all lead to the largest marine insurance claim in history, surpassing the Costa Concordia crash in 2012. The second-order effects, such as claims from trapped and inaccessible ships, are not yet fully understood. Lloyd’s, the world’s largest insurance market, may face a significant loss due to its potential 10% share of the total impact. Analysts estimate losses ranging from $1 billion to $3 billion.
Lloyd’s of London sees multi-billion dollar insurance loss from Baltimore bridge collapse https://t.co/yt4OU4ZEGN pic.twitter.com/Sw0chpBy03
— New York Post (@nypost) March 29, 2024