"Baltimore Bridge Collapse: Liability Cap Claimed Amid Economic Impact"

Singaporean companies involved in the Baltimore bridge collapse have filed a petition to limit their liability to $43.6 million under an 1851 maritime law, citing the vessel's value and incurred expenses. The incident, which closed the Port of Baltimore, could result in insured losses of $2-4 billion, making it potentially the costliest marine loss in history. The legal process is expected to take years, with the focus on determining the cause of the catastrophe. The collapse has resulted in casualties, with families potentially seeking compensation under maritime law for wrongful death claims.