The Baltimore bridge disaster is likely to result in the biggest marine loss in the history of the insurance industry, the chairman of Lloyd’s of London has warned.
Bruce Carnegie-Brown said the hit was likely to surpass the $1.5 billion loss that resulted from the Costa Concordia shipwreck off the Italian island of Giglio 12 years ago.
The accident in Baltimore is unusual because it is a “fully insured risk event”, meaning that the collapsed Francis Scott Key Bridge, the ship that hit it on Tuesday, the vessel’s cargo and the port were all covered, Carnegie-Brown said. The second-order effects of the disaster, including claims arising from ships now trapped in Baltimore’s port and vessels that are unable to access the docks are “the bit
