US Bridge Collapse Could Result in $3 Billion Insurance Loss

# Bridge Collapse in Baltimore Leads to Record Marine Insurance Loss

## Six Presumed Dead After Ship Crash

The collapse of a bridge in Baltimore, Maryland, following a ship crash has resulted in what is expected to be the largest single marine insurance loss ever recorded, according to a British insurance marketplace. Six people are presumed dead, with divers recovering two bodies so far.

## Estimated Damages Reach $3 Billion

Experts have estimated that the damages from the bridge collapse could cost as much as $3 billion. John Neal, the CEO of Lloyd’s of London, stated that this incident is likely to be one of the largest marine losses in history. However, he reassured that the port and the ship involved in the crash are insured, allowing for financial compensation and claims to be settled.

## Financial Implications and Recovery Efforts

The Maryland Department of Transportation has requested $60 million in emergency funds from the Biden administration to aid in debris removal and cleanup. The closure of the shipping lane could lead to additional losses of up to $15 million due to the port’s significance in global commerce.

## Ripple Effects on Global Supply Chains

With the closure of one of the largest ports in the US, experts warn of potential ripple effects on global supply chains. President Joe Biden has expressed support for federal government assistance in rebuilding the bridge. Officials are working diligently to develop a replacement design swiftly to restore operations and community functionality.