Who ends up holding the bag for the Baltimore bridge collapse?

The massive cargo ship crash into Baltimore’s Francis Scott Key Bridge in Baltimore will likely lead to billions of dollars in liability claims. Marine insurance companies will be on the hook.

The massive cargo ship crash into Baltimore’s Francis Scott Key Bridge in Baltimore will likely lead to billions of dollars in liability claims. Marine insurance companies will be on the hook for much of the costs. With various owners and companies involved – and with some maritime laws predating even the Titanic sinking – untangling the web, figuring out who owes what, and addressing the damages from both lives lost and to physical structures will be complex. “This claim has the potential to be north of a billion dollars,” said John Miklus, the president of the American Institute of Marine Underwriters. “Litigation will run years.” The Dali ship is owned by Grace Ocean Private, a Singapore-based company, and insured by the Britannia Protection and Indemnity Club. Britannia is one of the dozen marine insurance member clubs under the International Group of P&I Clubs, a consortium that provides marine liability coverage for 90% of ocean freight and pools liability claims among members. (The International Group of P&I Clubs did not respond to CNN’s request for comment.) These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer.