Baltimore bridge collapse: Compensation may run into billions, say industry watchers
THE collapse of a major bridge in the United States city of Baltimore on Tuesday (Mar 26) that left six workers presumed dead could involve “sizeable” compensation, given the extent of the damage to the infrastructure, its surrounding area and any loss of life, experts have said.
While it may still be too early to provide an estimate, Allianz Commercial’s global head of marine risk consulting Rahul Khanna told The Business Times that the compensation for the significant losses could be sizeable.
He added that this was because it happened in the US, where liability costs are among the highest in the world, and property values and costs of repairing the damage are typically higher. Insurers may also have to make good on other potential losses – from blocked port access and cargo loss to any environmental implications, on top of the loss of lives.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Chinese EV giants hammered by Biden tariff are welcome in Brazil
Japan’s Honda raises electrification investment to US$65 billion through FY2030
Rising industry capacity exerting pressure on yields, says senior SIA executive
Sats picks former Cisco Apac head as chairman-designate
Red Sea disruptions are splitting global LNG trade into regions
Uber unveils US shuttle service, expands Costco tie-up to woo price-conscious users