Insights
Baltimore Francis Scott Key Bridge collision
Posted 26/03/2024 – Quick takes
On 26th March at 01.28am local time, a container ship called MV Dali crashed into the Francis Scott Key Bridge in Baltimore USA. The ship left the Baltimore Harbour at 00.44am and was destined for Colombo, Sri Lanka, however shortly after departing it allegedly reported a power issues on board before the crash. The vessel crashed into the four-lane bridge which collapsed almost immediately after the collision. A number of vehicles fell into the Patapsco River, with six people still unaccounted for. The vessel is believed to be part of the International P&I club.
Alpha Comment
The early commentary from the industry is that this collision is likely to be a very costly event. We expect the primary claim to be due to the damage to the bridge for both direct and consequential (indirect, e.g. business interruption) insurance losses. The International P&I club provides marine liability insurance for 90% of the world’s ocean-going tonnage and Lloyd’s has exposure, via its $3.1bn reinsurance programme. We will be monitoring developments closely and provide members an update in due course.
