Maryland Asks Insurers to Accommodate Those Hurt by Baltimore Bridge Collapse
Maryland’s insurance regulator is asking insurance companies to do what they can to make sure that individuals and businesses hurt by the Baltimore bridge collapse tragedy do not lose coverage due to non-payment of premium.
The Maryland Insurance Administration (MIA) in a bulletin urged all insurers to agree to make “reasonable accommodations” so that individuals and businesses impacted by the reduced operations of the Port of Baltimore do not lose coverage due to non-payment of premium.
MIA noted that many insurers made accommodations for insureds during the COVID-19 pandemic.
The request applies to both personal and commercial lines of property/casualty insurance and all lines of life and health insurance.
According to the bulletin, reasonable accommodations may include suspension of premiums due, extension of billing due dates and premium grace periods, and waiver of installment and late payment fees.
MIA asked that carriers that are willing to provide accommodations notify it of those accommodations and how the carrier will make policyholders aware of those accommodations.
For those carriers that agree MIA said it will use its own website to inform policyholders about these accommodations and how to access them and send out a consumer alert regarding the accommodations.
The Key Bridge collapsed on March 26 after being struck by the 980-foot cargo ship Dali. Eight construction workers who were on the bridge at the time fell into the Patapsco River. Two workers were rescued that same day. The others six workers are presumed dead.
Maryland Launches Programs to Help Port of Baltimore Businesses and Workers
In addition to the loss of life, the tragedy has resulted in economic hardship for businesses and employees that rely upon the Port of Baltimore for revenue and wages, as well as for the city itself.
According to the state, the Port of Baltimore generates nearly $3.3 billion in total personal income and supports 15,330 direct jobs and 139,180 jobs connected to port work. The port also generates more than $395 million in taxes and $2.6 billion in business income.
The city of Baltimore has engaged two law firms to “hold responsible all entities accountable for the Key Bridge tragedy,” Mayor Brandon Scott announced earlier this week.
In addition, the state and city announced programs to help affected businesses retain employees and financial aid for small businesses.