Topsail Marine & Leisure Insurance’s Post

🌉Bridging the Gap: The Financial Ripple Effect of Baltimore’s Maritime Mishap #BridgeCollapse #InsuranceImpact On March 26th, a shocking event unfolded: the Francis Scott Key Bridge near Baltimore collapsed after a container ship named Dali hit it. This incident might become the largest insured maritime loss ever, exceeding the $1.5 billion Costa Concordia disaster. 🚢 #MaritimeSafety #RiskManagement The Dali, owned by Grace Ocean Pte. Ltd., reportedly lost power and crashed into the bridge. The Britannia P&I Club, among others, insures this ship. We’re now looking at a complicated situation involving property, cargo, and business disruption insurance. 💰 #FinancialConsequences #ReinsuranceTrends Reinsurers are expected to cover most of the costs. With billions at stake, this event stresses the marine insurance market. Companies like AM Best and Moody’s highlight the wide impact, spread across many insurers and reinsurers. 🤔 #YourThoughts How does an event like this reshape our understanding of maritime risks and insurance? Could this lead to changes in how we insure and manage large structures and ships? Share your insights! #MarineInsurance #RiskAssessment #GlobalTradeImpact 🌐🔍 https://lnkd.in/eV_SXDUk

While the scope and severity of this event are still being determined, it’s clear that the fallout from the maritime accident in Baltimore will have an enormous impact on several lines of the insurance business, including property, cargo, liability, trade credit, and contingent business interruption, with marine insurers and reinsurers undoubtedly involved in compensating for the loss. Future claims will certainly involve several insurers, reinsurers, subrogation, and legal issues, including claims against the vessel’s insurers related to the ship and its cargo as well as the destruction of the bridge and disruptions to the port. #insurance #propertyandcasualtyinsurance #surpluslines #maritimeinsurance #reinsurance #marineinsurance #liability #businessinteruption #

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Marine Cargo Insurance And Reinsurance

Cliff Jeyes comments on the Japanese property insurance market, as well as provides an overview of what is happening in the Asian market, in our latest Property Insurance market update. Read now: https://bit.ly/3VPizKO

#largest ever #marine #loss. The #collapse of the #Francis Scott Key #Bridge near the #Port of #Baltimore, Maryland yesterday is expected to drive #billions of dollars in #insured #losses, with reinsurers set to bear the bulk of the claim amid concerns it could become the largest ever marine loss. Around 1:30am local time, container ship “Dali” reportedly lost power before passing under the bridge, which caused the vessel to sail uncontrolled into a pillar of the bridge, resulting in a major collapse. It’s been reported that the value of the bridge itself could be about $1.2 billion, while there’s also been extensive damage to the container ship, which was deporting for Colombo, Sri Lanka. Reportedly, Aon brokered the bridge policy for its construction, value, and replacement, but reports suggest that any claims against this are expected to result in subrogation to the shipowner’s insurance coverage. While severity is still to be determined, it’s clear that the accident will impact several lines of business, such as #property, #cargo, #liability, #trade #credit, and #contingent #business interruption, with marine insurers and reinsurers undoubtedly involved in the loss. According to ratings agency AM Best, reinsurance companies “will bear the bulk of the insured cost” of the collapsed bridge, while S&P warns that the event will have “major implications for reinsurers and the wider #marine #insurance market”.#claim #reinsurance

Did you know that despite its extravagant construction cost of approximately $7.5 million, the Titanic was insured for a hull value of only $5 million? This means that the iconic ship was underinsured, leaving a significant gap between its value and insurance coverage. Even more intriguing, the insurance was spread across over 70 co-insurers, highlighting the massive scale of risk distribution involved. #risks #titanic #didyouknow #didyouknowfacts #insurance #reinsurance #marineinsurance #FrontRe Rizal Zakaria Raabiah Samad Aqilah Y.

Get the best marine insurance quote for your shipment with us! It's FREE and just a call away! #Shipping #MarineInsurance #FreeQuote #finvestindia #investwithfinvest #investment #shipping #insurancecompany #maritime

What does the future hold for property insurance in 2024? Read this Reinsurance News article where Richard Montminy, the Global Head of Property Risks at Beazley, predicts a transformative shift, highlighting the growing prominence of secondary perils alongside hurricanes, named storms, and earthquakes. #InsuranceTrends #ClimateRisk #beazley #insurance #propertyinsurance

⚓ In the news: The first annual review from NorthStandard since the merger last year shows broadly positive results, but it is yet too soon for much comment on the Dali disaster in Baltimore which is likely to become shipping’s largest-ever insurance claim. 💬 In its annual review, NorthStandard said: “Whilst in its early stages, and though the quantum of any loss is as yet unknown, the recent cargo collision and subsequent collapse of the Francis Scott Key Bridge in Baltimore in March 2024 has the potential to impact the outlook of the International Group’s reinsurers and those across the Club’s other reinsurance programmes.” The International Group of P&I Clubs, with twelve mutual P&I Club members, provides marine liability cover for about 90% of the world’s oceangoing fleet. Its complex reinsurance programme is arranged in three layers above the cover provided by individual clubs and their cooperative arrangements. 📰 Read the full story on Seatrade Maritime News: https://lnkd.in/gXeWQF3N #SalvageConf #Maritime #Shipping #Finance #Insurance #Container