> Jew Insurers face record $3bn bill from Baltimore bridge collapse

Good thing blacks aren't allowed to own shipping.  The owner would be an impecunious mammy with no insurance. 

Payout will be up to double the claim for Costa Concordia wreck, say analysts

Insurers face a record bill of up to $3bn (£2.4bn) from the Baltimore bridge disaster, analysts have warned.

The total payout once all claims are assessed could potentially be between $1bn and $3bn, according to experts at Barclays.

The Francis Scott Key Bridge collapsed on Tuesday morning after Singapore-registered container cargo ship Dali ran into the structure.

Although claims are likely to take years to assess and settle, an initial estimate from Barclays suggests the disaster could come in at double the previous record for a maritime claim.

The biggest payout so far was $1.5bn, recorded when the Costa Concordia cruise ship ran aground in 2012.

The value of the bridge itself has been pegged at around $1.2bn, although the insurance attached to the structure has not yet been determined.

Dali was covered by the Britannia Steam Ship Insurance Association, a so-called “protection and indemnity” club which pools liability for shipping groups.

Such P&I clubs often buy insurance themselves from reinsurers, which means many of the claims could eventually settle in the reinsurance market.

Barclays said: “We believe reinsurers may have to pay $1bn plus in claims for the Baltimore bridge collapse, particularly via P&I club reinsurance in case the ship’s operator is deemed at fault.

“We don’t expect outsized individual shares, as the marine market is heavily syndicated.”

Many specialist reinsurers base themselves in Lloyd’s of London, which declined to comment.

Britannia said: “We are working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally.”

Neil Roberts, head of maritime at the Lloyd’s Market Association, which represents insurers, said: “It is too early to determine all the reasons behind the accident itself but it was fortunate that the impact occurred when the bridge was less busy.

“For their part, insurers and brokers will be working together to respond as efficiently as possible.”