Current:Home > FinanceCargo ship’s owner and manager seek to limit legal liability for deadly bridge disaster in Baltimore-LoTradeCoin
Cargo ship’s owner and manager seek to limit legal liability for deadly bridge disaster in Baltimore
View Date:2024-12-23 19:01:29
The owner and manager of a cargo ship that rammed into Baltimore’s Francis Scott Key Bridge before it collapsed last week filed a court petition Monday seeking to limit their legal liability for the deadly disaster.
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.
Singapore-based Grace Ocean Private Ltd. owns the Dali, the vessel that lost power before it slammed into the bridge early last Tuesday. Synergy Marine Pte Ltd., also based in Singapore, is the ship’s manager.
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 carrying freight worth over $1.1 million in income for the companies. 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 filed under a pre-Civil War provision of an 1851 maritime law that allows them to seek to limit their liability to the value of the vessel’s remains after a casualty. It’s a mechanism that has been employed as a defense in many of the most notable maritime disasters, said James Mercante, a New York City-based attorney with over 30 years of experience in maritime law.
“This is the first step in the process,” Mercante said. “Now all claims must be filed in this proceeding.”
A report from credit rating agency Morningstar DBRS predicts the bridge collapse could become the most expensive marine insured loss in history, surpassing the record of about $1.5 billion held by the 2012 shipwreck of the Costa Concordia cruise ship off Italy. Morningstar DBRS estimates total insured losses for the Baltimore disaster could be $2 billion to $4 billion.
Eight people were working on the highway bridge — a 1.6-mile span over the Patapsco River — when it collapsed. Two were rescued. The bodies of two more were recovered. Four remain missing and are presumed dead.
The wreckage closed the Port of Baltimore, a major shipping port, potentially costing the area’s economy hundreds millions of dollars in lost labor income alone over the next month.
Experts say the cost to rebuild the collapsed bridge could be at least $400 million or as much as twice that, though much will depend on the new design.
The amount of money families can generally be awarded for wrongful death claims in maritime law cases is subject to several factors, including how much the person would have likely provided in financial support to their family if they had not died, funeral expenses.
Generally, wrongful death damages may also include things like funeral expenses and the “loss of nurture,” which is essentially the monetary value assigned to whatever more, spiritual or practical guidance the victim would have been able to provide to their children.
___
Associated Press writer Stefanie Dazio in Los Angeles contributed to this report.
veryGood! (6626)
Related
- Ariana Grande's Brunette Hair Transformation Is a Callback to Her Roots
- Dinosaur-era fossils of sea lizard with a demon's face and teeth like knives found in Morocco
- Luis Suárez's brilliant header goal saves Lionel Messi, Inter Miami vs. Nashville SC
- International Women’s Day is a celebration and call to action. Beware the flowers and candy
- Florida Man Arrested for Cold Case Double Murder Almost 50 Years Later
- Eagle cam livestream: Watch as world awaits hatching of 3 bald eagles in Big Bear Valley
- Biden visiting battleground states and expanding staff as his campaign tries to seize the offensive
- San Francisco mayor touts possibilities after voters expand police powers, gets tough on drug users
- Insurance magnate pleads guilty as government describes $2B scheme
- The new pro women’s hockey league allows more hitting. Players say they like showing those skills
Ranking
- Apologetic rapper Tekashi 6ix9ine gets 45 days in prison for probation violations
- NFL trade candidates 2024: Ten big-name players it makes sense to move
- Kane Brown recalls 'wild' vasectomy experience, finding out wife Katelyn's surprise pregnancy
- The Best Fenty Beauty by Rihanna Products Every Woman Should Own for an Empowering Glam Look
- Top Federal Reserve official defends central bank’s independence in wake of Trump win
- Minneapolis Uber and Lyft drivers due for $15 an hour under council’s plan but mayor vows a veto
- What are the odds in the Jake Paul vs. Mike Tyson fight? What Tyson's last fight tells us
- The Skinny Confidential's Mouth Tape With a 20K+ Waitlist Is Back in Stock!
Recommendation
-
Karol G addresses backlash to '+57' lyric: 'I still have a lot to learn'
-
Kirk Cousins, Chris Jones, Saquon Barkley are among the star players set to test NFL free agency
-
Kirk Cousins, Chris Jones, Saquon Barkley are among the star players set to test NFL free agency
-
Woman injured while saving dog from black bear attack at Pennsylvania home
-
Food prices worried most voters, but Trump’s plans likely won’t lower their grocery bills
-
Former US Rep. George Santos, expelled from Congress, says he is running again
-
These Empowering Movies About Sisterhood Show How Girls Truly Run the World
-
State of the Union highlights and key moments from Biden's 2024 address