Insurance loss for US bridge collapse could hit $3bn
Read more here:
https://www.bbc.com/news/world-us-canada-68688856
The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.
Six people were presumed dead after a ship crashed into the bridge, and divers have recovered two bodies.
Experts say the damages could cost as much as $3bn (£2.3bn).
"I would say it's certainly going to be one of the largest marine losses in history," said John Neal, chief executive officer of Lloyd's of London.
"Of that there is little or no doubt," Mr Neal told the BBC. "But genuinely the good news is it's insured."
Mr Neal said the port and the ship that crashed into the bridge are also insured.
"So from a financial point of view, there is a process that will allow for financial compensation to be made and for the claim to be settled," he said.
The Maryland Department of Transportation has so far asked the Biden administration for $60m in emergency funds to help clear debris and clean up after the incident.
Addressing the bridge collapse is not the only expense, either. Until the shipping lane is reopened, experts say the incident could lead to losses of up to $15m (£11.8m) because of how vital the Baltimore port is to global commerce.
Insurance loss for USA bridge collapse could hit $3bn
Re: Insurance loss for USA bridge collapse could hit $3bn
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Re: Insurance loss for USA bridge collapse could hit $3bn
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