The collapse of the Francis Scott Key Bridge in Maryland is a multi-layered tragedy: For the families and friends of those killed or presumed dead, it's a...
in Maryland is a multi-layered tragedy: For the families and friends of those killed or presumed dead, it's aAnd for the federal courts, it will soon become a balance of dollars and facts, with a network of insurance companies expected to foot at least some of the bill.. Eight people were on the highway bridge when it collapsed. Two were rescued. The bodies of two more were recovered, and four remain missing and are presumed dead.
Sommer said he hasn’t yet contacted his insurance company to ask if his policy covers losses related to the Baltimore port’s closure. But for other very expensive losses — like major environmental damage or disasters like the bridge collapse — large vessel owners turn to something called “Protection and Indemnity” or P&I insurance.
The Britannia P&I Club insures the ship involved in the collapse. The London-based club is also part of the larger International Group of P&I Clubs, which will likely help cover expenses once they exceed a pre-arranged amount. Reinsurance companies could also pick up part of the tab.Do you want a $1 million without worrying about the tax bill? These TFSA hacks could help you become a tax-free millionaire.
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