The “expert” estimates of “hundreds of millions” in this NYT piece, interestingly, is far less than the billions estimated now by industry experts; Bloomberg leans on the expertise of Yonah Freemark of the Urban Institute, who puts the approximate price tag of the project at “several billion dollars” (at least), and experts in the insurance industry concur, via Insurance Journal:
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
It’s very early in the recovery process and already the numbers are large.
Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar.
S&P Global Ratings estimates $3 billion, which would still make this tragedy the largest marine insurance loss ever recorded.
Barclay’s analysts believe damage claims for the bridge alone could reach $1.2 billion, while claims for wrongful deaths and business interruptions could run $350 million to $700 million, according to Bloomberg.
…
‘I do see this claim as having a high likelihood of being one of the largest marine claims on record – rivaling Costa Concordia in 2012 or Exxon Valdez oil spill in 1989 — almost 35 years ago to the day,” John A. Miklus, president, American Institute of Marine Underwriters (AIMU), told Insurance Journal.
‘While the incident still has to be investigated, we believe it has potential to become a significant insurance claim, particularly in the marine market,’ wrote a Barclay’s analyst cited by Bloomberg.
The cargo ship, MV Dali, was carrying 764 tons of hazardous materials when it crashed into the Baltimore Francis Scott Key Bridge on March 26, a top US official has said.
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Nothing out of the ordinary. It may even turn out to be a relatively small amount, compared to the average carried by all other ships.
“Much documented evidence is emerging as to the bridge “accident” being in fact, a political, and likely international, cyber-attack.”
It would be interesting to see this “documented evidence”.
“ Much documented evidence is emerging as to the bridge “accident” being in fact, a political, and likely international, cyber-attack.”
Who writes stuff like this?
Such failures aren’t just “happening” - they’re the inevitable consequence of a workforce where capable workers are being replaced with the lesser-talented.
“Why is Biden demanding, immediately, new money to cover the Baltimore bridge disaster, when insurers have not yet submitted determinations as to eligible underwritten costs to rebuild?”
One does not have to result to conspiracies to explain why Joe Biden says the things he says. It’s an election year and his first instinct is to pander.
However the feds or some entity will likely put forward initial monies to get the rebuilding started as the insurance claims process will take a long time.
Meanwhile Mayor Pete between taking maternity leave and chest feeding his kids is spending taxpayer money studying racist highways
Does Baltimore routinely employ illegals for pothole repair? Was it the state? The port authority? Who hired them?
Can you imagine the bribes, kickbacks and graft on this thing?
On occasion, the American Stinker gets it...
A couple of days ago the YouTube channel What’s Going On with Shipping did a video outlining the legal complexity of the allision of MV Dali with the Key Bridge. Apparently, nearly everyone involved in any way can sue just about everyone else for damages. The people and companies (or their insurance companies) that had cargo on Dali are liable as well under maritime law.
It may be a very long time before the financial liabilities get sorted out.
not a mystery at all
this happens EVERYWHERE socialism takes hold.
socialists and communists TAKE over from what capitalists built and bled for. But they are so busy giving away money to stay in power that they always fail to maintain the infrastructure they originally stole. Eventually (it takes a few decades) that infrastructure starts to fail at which point the political system collapses.
The only thing amiss is the money. They’ve been taxing to replace infrastructure, as part of governing responsibility, but they spent the money on other priorities.
No one brings up the most obvious cause? The good Lord is removing his hand of “ protection “….and why wouldn’t he?
Biblical history reveals this over and over again….there is a BIG difference with a nation’s population not observing God’s laws and practicing abominations, but the nation that codifies into law these abominations ( the US- in fact the collective West) will suffer immensely….as we are beginning to witness.
I get why Biden isn’t waiting for the insurance companies. Insurance companies take FOREVER. When my roof blew off it took 6 weeks for the insurance company to finally say “yeah here’s the money”. Only 3 days for the adjuster to come out the rest was just bureaucratic churn. For something in the billions, probably involving multiple insurance companies, that could be years. It’s an important port, we can’t just let it sit there while insurance companies move paper around. There’s the chance of getting money out of the insurance companies eventually and “paying back” the fed. But don’t wait for insurance.
Not hard to figure out.
When you have decades of neglect, stuff fails.
Victoria White Berger, a published poet and author, is a career professional in executive nonprofit administration and fund development on behalf of children and families.
In other words, disregard all the crap she is spewing.
Was the ship vaxed?
It won’t be called the Francis Scott Key Bridge for much longer.