Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
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Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#2I have wondered what the insurance structure for this is and how liable the vessel's owners and insurers are for damage to public infrastructure.
Marine insurance is one of the oldest types of insurance and antique in some respects, with large vessels covered by several underwriting firms. So potentially this is a massive financial hit for multiple companies if there is not a limit on liability.
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#3I stopped reading at point 13
>13. The Casualty was not due to any fault, neglect, or want of care on the part of Petitioners, the Vessel, or any persons or entities for whose acts Petitioners may be responsible.
This comes out of nowhere and they base everything on this statement! Amazing
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#4I have wondered what the insurance structure for this is and how liable the vessel's owners and insurers are for damage to public infrastructure. Marine insurance is one of the oldest types of insurance and antique in some respects, with large vessels covered by several underwriting firms. So potentially this is a massive financial hit for multiple companies if there is not a limit on liability.
It's worse (as in, more complex; better for the public, I guess) in that damages will be so big reinsurers are going to take a huge hit; they're probably not used to that.
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#5Privatize the profits and socialize the losses, here we go again.
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#6Some helpful context: https://www.ft.com/content/c44306cc-6057-4ca3-923d-d67d09676...
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#7I have wondered what the insurance structure for this is and how liable the vessel's owners and insurers are for damage to public infrastructure. Marine insurance is one of the oldest types of insurance and antique in some respects, with large vessels covered by several underwriting firms. So potentially this is a massive financial hit for multiple companies if there is not a limit on liability.
It's certainly been a massive financial hit to the greater Baltimore area, so that sounds appropriate. Insurance companies need to account for large shocks -- it's the whole reason their industry exists.
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#8Privatize the profits and socialize the losses, here we go again.
You know, you can do that too….
you exist in the same system
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#9I stopped reading at point 13 >13. The Casualty was not due to any fault, neglect, or want of care on the part of Petitioners, the Vessel, or any persons or entities for whose acts Petitioners may be responsible. This comes out of nowhere and they base everything on this statement! Amazing
It's a petition early on in the case, so it just needs to be based upon "information and belief". The fact-finding step of the multi-year process has yet to begin, but lawyers need to present the best plausible case possible at this stage.
Re: Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M
#10Some helpful context: https://www.ft.com/content/c44306cc-6057-4ca3-923d-d67d09676...