After the collapse of the Francis Scott Key Bridge in Baltimore, Maryland, a legal fight will take place over who will pay for the damage and loss. The Singaporean owner of the cargo ship that took down the bridge is expected to invoke a law dating back to the 19th century called the Limitation of Liability Act. This law limits the liability of the cargo ship’s owner and insurers at the value of the goods the ship was carrying and the value of the ship itself. The legal fight could take as long as a decade which will include insurance claims, claims by the families’ victims, loss of revenue for the port, and the for the business affected. Only some insurance policies will cover this, and the insured losses could total between $2 billion and $4 billion.
Lawyers Gear Up for Legal Fight Over Baltimore Bridge
