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<ul class="summary-list"><li>The Francis Scott Key Bridge in Baltimore collapsed after a container ship collided with it.</li><li>Several entities will likely be on the hook to foot the bill in the aftermath of the disaster.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/francis-scott-key-bridge-baltimore-collapses-after-struck-large-boat-2024-3">Francis Scott Key Bridge</a> in Baltimore collapsed on Tuesday after a large container ship ran into it, leading to six presumed deaths and millions of dollars in possible damage.It's still too early to estimate the total <a target="_blank" href="https://www.businessinsider.com/amazon-fedex-deliveries-baltimore-could-be-impacted-by-bridge-collapse-2024-3">economic impact</a> of the disaster, but between the cost of rebuilding the decades-old bridge, compensating the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-developing-mass-casualty-event-2024-3">victims' families</a>, and paying out damages for disruptions to the supply chain, the eventual cost of the disaster is expected to be significant.<h2>Who will pay to rebuild the bridge?</h2>President Joe Biden said on Tuesday the federal government should be responsible for paying to reconstruct the damaged Francis Scott Key Bridge."It is my intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect Congress to support my effort," Biden said.The bridge was built in the 1970s for about $60 million, but the cost of rebuilding it could be 10 times its original price tag, an engineering expert told <a target="_blank" href="https://news.sky.com/story/baltimore-trade-implications-from-francis-scott-key-bridge-collapse-as-rebuild-could-cost-600m-13102108">Sky News. </a><div type="image" title="A picture of the Francis Scott Key Bridge in Baltimore, Maryland" height="1414" width="2121" msid="108804526" hostid="261" sizebytes="128986"></div>Baltimore is among the <a target="_blank" href="https://www.businessinsider.com/baltimore-bridge-collapse-halts-shipping-traffic-port-2024-3">busiest ports in the nation</a>, seeing more than a million shipping containers pass through each year. The collapse — which closed the port to all maritime and most road traffic until further notice — is already beginning to wreak havoc on the supply chain.The <a target="_blank" href="https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3">cost of building the bridge</a> back fast enough to offset diversions as much as possible could saddle the government with a more than $600 million bill, David MacKenzie, chair of engineering and architecture consultancy COWIfonden, told Sky News.<h2>Who will pay for damages to the ship and its cargo?</h2>The container ship, <a target="_blank" href="https://www.businessinsider.com/what-we-know-dali-francis-scott-crash-collapse-maryland-bridge-2024-3">the Dali</a>, is owned by a Singapore-based firm. The ship's charterer, Maersk, confirmed to Business Insider that vessel company Synergy Group operates the ship. However, the companies with cargo aboard the Dali will ultimately be responsible for the ship's damages and cargo costs.The Dali was carrying 330 containers, which now must be re-routed, according to <a target="_blank" href="https://twitter.com/typesfast/status/1772756557891297376">Ryan Petersen</a>, CEO of supply chain logistics company Flexport, which had two containers on the ship.An ancient maritime law known as "<a target="_blank" href="https://psabdp.com/psa-bdp-blog/what-is-general-average-and-what-does-it-mean-for-your-cargo">general average</a>" dictates that companies with even a single container aboard a ship have to split the damages pro rata based on the number of containers, ensuring all the stakeholders benefiting from the voyage are splitting the risk, Petersen said.<div type="image" title="Drone footage shows aftermath of the Dali container ship's collision into the Francis Scott Key Bridge in Baltimore, Maryland, on March 26, 2024." height="1152" width="2048" msid="108804527" hostid="261" sizebytes="231942"></div>The principle dates back hundreds of years and was originally meant to ensure sailors on board a ship weren't worried about specific cargo if a disaster required them to start throwing containers overboard, according to Petersen.<h2>Who will pay for everything else?</h2>The majority of the financial fallout is likely to lay primarily with the insurance industry, according to media reports.Industry experts told <a target="_blank" href="https://www.ft.com/content/17cf3f2e-e64d-4666-b1c2-2723347c2ada">FT</a> that insurers could pay out losses for bridge damage, port disruption, and any loss of life.The collapse could drive "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told <a target="_blank" href="https://www.insurancebusinessmag.com/us/news/marine/major-reinsurers-and-pandi-club-on-hook-for-baltimore-bridge-disaster-482812.aspx">Insurance Business.</a>He told the outlet that the loss of revenue from tolls while the bridge is being rebuilt will be expensive, as will any liability claims from deaths or injuries.The Dali is covered by the Britannia Steam Ship Insurance Association Ltd., known as Britannia P&amp;I Club, according to <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/reinsurers-marine-market-to-bear-brunt-of-baltimore-bridge-collapse-80988297">S&amp;P Global Market Intelligence.</a>Britannia did not immediately respond to a request for comment from Business Insider but told FT it was "working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally."Britannia is one of 12 mutual insurers included in the International Group of P&amp;I Clubs, which maintains more than $3 billion of reinsurance cover, sources familiar with the matter told Insurance Business.Britannia itself is liable for the first $10 million in damages, both FT and Insurance Business reported. Whatever remains is dealt with by the wider mutual insurance group and Lloyd's of London, a reinsurance market in the UK, according to FT.

Here's who could be responsible for paying for the Baltimore bridge disaster 

<ul class="summary-list"><li>Neither Harris nor Trump outline specific disaster-relief policies on their website.</li><li>Their records, however, offer clues into how they'd deal with natural disasters as president.</li></ul>As another <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-evacuation-empty-gas-station-full-hotels-gridlock-traffic-2024-10">hurricane</a> threatens to devastate swaths of the Southeast, Vice President Kamala Harris and former President Donald Trump are under new scrutiny about their disaster response strategies. And though neither have specifically addressed how they'd approach disaster relief on their campaign websites, their environmental records offer clues into how they might deal with similar crises in the future.When Hurricane Helene bore down on six states, and with particular force in North Carolina and Georgia, both Harris and Trump said that the focus should be on providing aid, not politics. But the storm, which has killed more than 230 people and destroyed entire towns, has already crept into the presidential race. <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">Hurricane Milton is expected to hit Florida</a> on Wednesday night, only exacerbating the focus on environmental devastation."Disasters are always political," Thomas Birkland, a political scientist at North Carolina State University who studies the politics of national disasters, told Business Insider. He said that disaster relief is not, however, usually <a target="_blank" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">discussed during campaigns</a>.Timothy Kneeland, a professor at Nazareth University who studies politics and natural disasters, thinks that as hurricanes become more common, candidates should address them more explicitly."Having a short but clear statement on disasters should be part of any campaigner's policy," he wrote in a statement to BI.Both candidates have visited impacted areas, with Trump visiting Georgia on September 30 and <a target="_blank" href="https://www.businessinsider.com/kamala-harris-donald-trump-crises-middle-east-strike-hurricane-election-2024-10">Harris on October 2</a>. Republicans criticized Harris for attending a fundraising event in California when Helene struck, while she maintained that politicians should stay out of the most devastated areas as first responders begin their early work.In the days since Hurricane Helene, Trump has spread misinformation about the storm and response efforts, prompting the Federal Emergency Management Agency to publish a fact-checking page. <a target="_blank" href="https://www.businessinsider.com/hurricane-helene-relief-disinformation-misinformation-north-carolina-democrats-republicans-2024-10">Democrats and Republicans alike</a> say that the baseless claims are complicating <a target="_blank" href="https://www.businessinsider.com/donald-trump-elon-musk-starlink-hurricane-helene-fema-2024-9">clean-up efforts</a>, and Harris has put out a digital ad slamming his former disaster relief. When he was president, Trump responded to several hurricanes. As with Hurricane Helene, he <a target="_blank" class="" href="https://www.vox.com/politics/376982/trump-hurricane-helene-fema-lies-debunked">publicized</a> misinformation. When Hurricane Dorian threatened Georgia, South Carolina, and North Carolina, he incorrectly said that its path included Alabama as well. During a briefing in the Oval Office, he showed a map of the hurricane's path that included a Sharpie mark extending the storm's reach to Alabama. Trump also falsely claimed that the death toll from Hurricane Maria in 2017 was overblown, the <a target="_blank" href="https://www.washingtonpost.com/politics/2024/10/08/trump-hurricane-helene-natural-disasters/">Washington Post reported</a>.The former president occasionally threatened to hold back disaster funding over political spats. In 2020, for example, he floated withholding money from flood-ravaged Michigan because he was frustrated with absentee voting procedures in the state."A charitable interpretation would be mixed on crisis management," Birkland told BI about Trump's past responses to natural disasters. Kneeland said that storm victims and disaster experts largely criticized his handling of Hurricane Maria.During his time in office, Trump's administration rolled back more than 125 environmental rules, the <a target="_blank" href="https://www.nytimes.com/interactive/2020/climate/trump-environment-rollbacks-list.html">Washington Post</a> found, with a big focus on deregulating the fossil fuel industry. Trump's campaign has, according to Birkland, "been pretty clear that it disdains alternative fuels."Harris doesn't have a presidential record to back up her approach to disaster relief, but Birkland anticipates she'd take a relatively similar approach to President Joe Biden.As attorney general, Harris prosecuted oil companies that broke environmental rules. During her tenure as vice president, she voted for the Inflation Reduction Act, which devoted $370 billion to reducing greenhouse gas emissions.But both Birkland and Kneeland told BI that Harris has become less aggressive about addressing climate change this election, likely in an attempt to court more moderate voters."Harris' position is a little murkier," Birkland said. "Harris has been clear that we should be doing things like alternative energy, but also supports, as of recent months, continued fossil fuel production. So it's kind of a both-and strategy."Presidents are somewhat limited in their disaster responses — both Kneeland and Birkland told BI that states and local governments lead disaster responses, with the federal government's assistance."Even when FEMA is on the ground they must work within the structure of existing state and local government," Kneeland said in his written statement. The responsibility is, he said, layered throughout the government.Regardless, all eyes are on how Harris and Trump respond to the twin storms — and the outcome of the election could theoretically hang in the balance. Kneeland said that disaster response can either greatly boost or doom an incumbent, pointing to instances as varied as Hurricane Betsey in 1965, Hurricane Andrew in 1992, and Hurricane Katrina in 2005.Though Birkland doesn't anticipate that the hurricanes will sway many voters, he said that even a small impact in swing states could matter."I think most people's minds are made up. I think that you're really dealing with the margins," he said. "On the other hand, this election is going to be won or lost on the margins, so that matters."

Hurricanes are taking the election by storm. Here's where Harris and Trump stand on natural disaster policies.

<ul class="summary-list"><li>Iran has vowed a "crushing response" following Israel's late October airstrikes.</li><li>Israel's attack came in response to an Iranian missile barrage on October 1.</li></ul>Iran's supreme leader, Ayatollah Ali Khamenei, said there would be a "crushing response" following Israel's airstrikes on the country last week.Israel said it carried out <a target="_blank" class="" href="https://www.businessinsider.com/israel-military-idf-targets-iran-retaliatory-strikes-missile-barrage-2024-10">"targeted and precise strikes"</a> on Iranian military sites on October 26, almost four weeks after <a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">Iran launched around 180 ballistic missiles</a> at Israel in retaliation to the killings of Hamas and Hezbollah leaders."The United States of America and the Zionist regime will definitely receive a crushing response for what they do against <a target="_blank" class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" href="https://x.com/hashtag/Iran?src=hashtag_click">#Iran</a> and the <a target="_blank" class="css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3 r-1loqt21" href="https://x.com/hashtag/Resistance?src=hashtag_click">#Resistance</a> Front," a post on Khamenei's <a target="_blank" class="" href="https://x.com/khamenei_ir/status/1852657586505384183">X</a> account on Saturday read.Speaking at a press conference last week, a senior US official said that while the US was not a participant in the planning or execution of the Israeli operation, President Joe Biden and his national security team had encouraged Israel to respond to Iran in a "targeted and proportional" manner with "low risk of civilian harm."Meanwhile, the Pentagon announced on Friday that it <a target="_blank" class="" href="https://www.businessinsider.com/us-warships-bombers-troops-israel-iran-middle-east-tensions-2024-11">planned to send</a> additional ballistic missile defense destroyers, fighter squadron and tanker aircraft, and "several" US Air Force B-52 Stratofortress strategic bombers to the Middle East in the coming months.Pentagon press secretary Maj. Gen. Pat Ryder said the moves were designed to help protect US civilians and forces in the region, defend Israel, and de-escalate "through deterrence and diplomacy."US Central Command (CENTCOM) said in a post on X on Saturday that B-52s from Minot Air Force Base's 5th Bomb Wing had arrived in CENTCOM's area of responsibility.Khamenei's comments have taken a more hostile tone from those he made in the immediate aftermath of the Israeli strikes in late October.Khamenei said then that Iranian officials should decide how to respond to the attacks, adding that they "should neither be magnified nor downplayed."<a target="_blank" class="" href="https://www.businessinsider.com/israel-strikes-iran-middle-east-tensions-next-moves-2024-10">Experts had predicted</a> that Iran may look "an off-ramp" or launch a small-scale retaliation following Israel's strikes.

Iran warns of 'crushing response' following Israeli airstrikes as Pentagon announces plans to bolster US presence in the Middle East

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Here's who could be responsible for paying for the Baltimore bridge disaster

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Hurricanes are taking the election by storm. Here's where Harris and Trump stand on natural disaster policies.

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Iran warns of 'crushing response' following Israeli airstrikes as Pentagon announces plans to bolster US presence in the Middle East

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