Baltimore bridge collapse: $3 billion in insurance losses

According to a British insurance marketplace, the largest single maritime insurance loss in history will be caused by the collapse of a bridge in the US city of Baltimore.

After a ship collided with the bridge, six persons were thought to be killed; two remains have been found by divers.

According to experts, the damages can reach $3 billion (£2.3 billion).

According to Lloyd's of London CEO John Neal, "It's definitely going to be one of the largest marine losses in history."

Mr. Neal told the BBC, "There is little to no doubt about that." "But genuinely the good news is it's insured."

According to Mr. Neal, insurance covers both the port and the ship that collided with the bridge.

"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 explained.

Governor outlines early strategy to evacuate victims of the Baltimore bridge, including a father of two
Thus far, the Maryland Department of Transportation has requested $60 million in emergency funding from the Biden administration in order to assist with debris removal and post-event cleanup.

The cost of fixing the collapsed bridge is not the only one. Because of how important the Baltimore port is to the country, experts estimate that losses from the incident could reach $15 million (£11.8 million) until the shipping lane is reopened.