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A comment on Dali owner file petition to cap liability in Baltimore bridge collapse at $43.7M. Parent comment

Re:Dali owner file petition to cap liability in Baltimore br... by tgsovlerkhgsel on Wednesday April 03, 2024 @07:34AM (#39916082)
Is it? The best "insurance" against this seems to be a rat's nest of sufficiently small LLCs which then conveniently go bankrupt when something big happens (losing only the assets in that LLC at that time). Imagine a shipping company where each ship is its own LLC. If the ship sinks, well too bad, the only meaningful asset that LLC had was the ship, oops.

I assume ships are required by law to have insurance before being allowed to go in certain places, to make sure damage they cause is covered. But that would make it hard to sell "better" insurance than the legal minimum when it comes to catastrophic claims.

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Re:Dali owner file petition to cap liability in Baltimore br... by AdamN on Friday April 05, 2024 @08:08AM (#39941382)
That's why insurance is heavily regulated and there are requirements on capital available for claims in order to operate in the jurisdiction. And of course savvy clients (like the ones managing $100MM container ships) will do due diligence on this as well.
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