Nine year old ship, I am sure the insurance company will find a way to void the policy, like neglected maintenance.
Even if it pays out, I doubt its third party liability covers a bridge.
Welp maybe I am wrong on the coverage.
Collapse expected to drive "one of the largest claims" ever for marine market
www.insurancebusinessmag.com
“Huge insurance implications”
The collapse will have a severe impact on the port of Baltimore, through which more than a million shipping containers pass every year. The port is closed to all maritime traffic until further notice, local officials have said.
The cost of rebuilding the bridge has been estimated at more than $600 million, according to a
Sky News report.
Richard Meade, editor of Lloyd’s List, told Sky News that the accident and its aftermath will have “huge insurance implications” as shipping companies and maritime authorities scramble to divert trade to other ports.
“There are going to be implications in terms of what the eastern seaboard of the US now does to rearrange its logistics in order to account for this, because this is not going to be resolved in a quick manner.”
Rebuilding the bridge will cost at least 10 times its original price tag of $60 million – largely because it will need to be rebuilt quickly, according to David MacKenzie, chair of engineering and architecture consultancy COWIfonden.
“It’s got to be built quickly because you’ve heard of the pressure on the commuter traffic,” he told Sky News. “So that means it’s going to be a lot more expensive and the process of procurement is going to have to be short-cut hugely.”