The collapse of the Francis Scott Key Bridge in Maryland is a multi-layered tragedy: For the families and friends of those killed or presumed dead, it’s a profound and personal loss.
What’s the most memorable April Fools’ Day prank you experienced, whether you pulled it off or fell victim to it?A crane is seen near the wreckage of the Francis Scott Key Bridge on Friday, March 29, 2024 in Baltimore. A cargo ship rammed into the major bridge in Baltimore early Tuesday, causing it to collapse in a matter of seconds. And for the federal courts, it will soon become a balance of dollars and facts, with a network of insurance companies expected to foot at least some of the bill..
Serna said lawsuits are inevitable, and the ship’s insurers will likely soon seek a “limitation of liability,” asking a judge to cap the damages they can be ordered to pay. The victims will need to quickly respond to try make sure any cap isn't set too low.WHAT ABOUT THE ECONOMIC COSTS?“There’s generally bad news about that: In maritime law, pure economic loss damages are not recoverable.
“If the building caught on fire and we weren’t able to operate, or something like that happened? Yeah, that’s covered. But I don’t know if something like this is covered,” he said. “It’s hard to tell. When you sign up for insurance, they give you one page of everything they cover. And that is followed by 45 pages of everything they’re not going to cover.”
P&I insurance can be provided by “clubs” made up of several policyholder-owned insurance companies. Club members put money toward a pool of funds that can be used to cover catastrophic claims. The idea is to share the risk associated with major disasters so no company is left to bear it alone.
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