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12/24/2024 7:56:56 AM
 
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Section 25: Chit Chat Subject: Key Bridge Msg# 1217958
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| The first principle is General Average. That is the cost sharing rule. Subrogation is the other principle as Tom pointed out. I thought Imheard months ago Chubb was paying the insured limit for the bridge. I think they paid $350 million. | ||||||
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For reference, the above message is a reply to a message where: My stand is the Feds need to fund [replacing] it immediately but the taxpayers should not in the end foot the bill. I'd assume that is the same view of mostly all taxpayers. I think its quite similar to the principle of subrogation in auto insurance. Here's one definition: Subrogation is a term describing the right held by most insurance carriers to legally pursue a third party that caused an insurance loss to an insured. This allows the insurance carrier to recover the amounts of the claim it paid to the insured for the loss. Click Here It appears when the govt pays up front for the bridge loss, it would then later be reimbursed by subrogation by any payments (for example from a court case against the responsible parties.) Perhaps someone familiar with maritime law will clarify further. |
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