04-04-2024, 12:48 PM
Looks like insurance has found a way to get out of paying for the bridge (well at least capping their payment to 44M) using a pre-civil war law.
https://apnews.com/article/baltimore-bridge-collapse-liability-litigation-16de885948e769566e7181ffa35b1753
Their joint filing seeks to cap the companies’ liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was owed over $1.1 million in income from freight. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs.
The companies’ “limitation of liability” petition is a routine but important procedure for cases litigated under U.S. maritime law. A federal court in Maryland ultimately decides who is responsible — and how much they owe — for what could become one of the costliest catastrophes of its kind.
https://apnews.com/article/baltimore-bridge-collapse-liability-litigation-16de885948e769566e7181ffa35b1753
Their joint filing seeks to cap the companies’ liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was owed over $1.1 million in income from freight. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs.
The companies’ “limitation of liability” petition is a routine but important procedure for cases litigated under U.S. maritime law. A federal court in Maryland ultimately decides who is responsible — and how much they owe — for what could become one of the costliest catastrophes of its kind.