The owner and manager of the cargo ship involved in the collapse of Baltimore’s Francis Scott Key Bridge have filed a court petition aiming to limit their legal liability for the incident.
Grace Ocean Private Ltd., based in Singapore, owns the vessel, while Synergy Marine Pte Ltd., also Singapore-based, manages it.
The petition seeks to cap liability at approximately $43.6 million, based on the vessel’s estimated value and outstanding income, minus repair and salvage costs.
Filed under an 1851 maritime law provision, the petition is a standard procedure in cases governed by U.S. maritime law, allowing companies to limit their liability to the vessel’s remaining value after an incident.
Legal experts anticipate a lengthy resolution process, focusing on determining the exact causes and responsibilities behind the disaster.
Morningstar DBRS predicts the bridge collapse could result in insured losses of $2 billion to $4 billion, potentially making it the most expensive marine insured loss in history.
The incident, which resulted in casualties and disrupted the Port of Baltimore, may incur significant economic costs and complex legal proceedings.
While the financial implications for wrongful death claims in maritime law cases vary, families may seek damages for lost income, funeral expenses, and the emotional toll of the tragedy.
