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.