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re: Biden says that the Fed Gov't is going to fully fund the repair of the Scott Key Bridge
Posted on 3/27/24 at 6:42 pm to meansonny
Posted on 3/27/24 at 6:42 pm to meansonny
quote:
Reinsurance is $3B for Maersk.
There are other channels of insurance. And like BP after Deepwater Horizon and the Valdez spill, Maersk/Synergy Marine Group can both individually be responsible for overages.
The sticky wicket is the Limitation of Liability Act of 1851, 46 USC § 30501. Which as a precious poster alluded to limits liability to the value of the ship. There are ways to get around the limitation and some preliminary facts have come out which may support that but you can guarantee the litigation involved in this will be very complex and very lengthy.
1
Posted on 3/27/24 at 8:42 pm to Obtuse1
quote:
The sticky wicket is the Limitation of Liability Act of 1851, 46 USC § 30501. Which as a precious poster alluded to limits liability to the value of the ship. There are ways to get around the limitation and some preliminary facts have come out which may support that but you can guarantee the litigation involved in this will be very complex and very lengthy.
I'm not familiar with the act of 1851.
Exxon personally paid $550M punitive damages for the Valdez accident. That was after Exxon paid $1B in lawsuits and an additional $2B in cleanup expenses.
Do we need an appraisal on the Valdez?
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