The bridge collapsed Tuesday after the Dali suffered a power outage and struck a pylon
Ship insurer Britannia is helping in Baltimore bridge probe
(Reuters) — Britannia, the insurer of the container ship Dali, is working with the vessel’s owner and U.S. authorities on the investigation into the collapse of Baltimore’s Francis Scott Key Bridge, the insurer said Thursday.
The bridge collapsed Tuesday after the Dali suffered a power outage and struck a pylon, causing huge disruption in the port.
“We are working closely with the vessel’s owner and manager and the relevant U.S. authorities as part of the investigation into the casualty,” Britannia said in a statement.
The disaster is likely to result in industrywide multibillion-dollar insurance claims, which could make it the largest single marine insurance loss, Lloyd's of London chairperson Bruce Carnegie-Brown told Reuters earlier on Thursday.
Ship liability insurance, which covers marine environmental damage and injury, is provided through protection and indemnity insurers such as Britannia, known as P&I Clubs.
Britannia declined to comment further.
The International Group of P&I Clubs collectively insures approximately 90% of the world's ocean-going tonnage and member P&I clubs mutually reinsure each other by sharing claims above $10 million. The group holds reinsurance cover up to the value of $3.1 billion.
The P&I Clubs may be liable for issues such as the repair of the bridge and clearance of the wreckage, one industry source said.
Reinsurers in the London market and major European players such as Swiss Re and Hannover Re are likely to also face claims, industry sources said. Swiss Re and Hannover Re declined to comment.
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