Will any new legislation be introduced in the wake of the Key Bridge collapse that has as a primary intent to prevent future incidents like the Key Bridge collapse?
This does NOT mean an aid package to baltimore or the affected area, it is something like maritime law changes in rivers to make it less likely for such an accident to happen.
Often a disaster is a prompt for some new process to be put in place for it to never happen again, will that happen here?
Legislation has to be introduced in 2024. I will not trade in this market.
1,000
3.00The Justice for Victims of Foreign Vessel Accidents Act, introduced in 2024, proposes significant amendments to the Limitation of Liability Act of 1851[2][3][4]. Key changes include:
1. Increased liability cap: The bill would raise the liability limit for foreign vessel owners/operators to up to 10 times the value of the vessel and its pending freight[2][4]. This could potentially increase the liability from the current $44 million to up to $854 million in the case of the Key Bridge collapse[3].
2. Exclusion of certain claims: The proposed bill would exclude personal injury and wrongful death claims by non-crewmembers or non-passengers from limitation, with no cap on these claims[2].
3. Retroactive application: The increased liability would apply retroactively, potentially affecting the ongoing Key Bridge collapse case[6].
4. Focus on foreign-flagged vessels: The proposed changes would only apply to foreign-flagged vessels, while liability thresholds for American-flagged vessels would remain unchanged[6].
This legislation aims to address the perceived inadequacy of the current law in dealing with major maritime accidents involving foreign vessels in U.S. waters, particularly in light of the Francis Scott Key Bridge collapse in Baltimore[4][8].
Citations:
[1] https://crsreports.congress.gov/product/pdf/LSB/LSB11155
[4] https://www.jdsupra.com/legalnews/key-bridge-collapse-leads-to-proposed-4855556/
[6] https://www.hklaw.com/en/insights/publications/2024/09/foreign-flagged-vessels-beware
[7] https://jacobin.com/2024/04/key-bridge-collapse-liability-law
[9] https://www.marinelink.com/news/baltimore-bridge-incident-challenges-518747
https://www.perplexity.ai/search/will-any-new-legislation-be-in-WjOjv_ACQuqKT4ZkEXYPQA#2
@benshindel I go through markets ordered by some favourable filter + sort and paste the question into perplexity.ai LOL. brain rot but idk i wanted a reason to improve my manifold tooling
@Bayesian Yeah, this would resolve it YES. This is a bit of legislation they introduced, they literally use that in every newspaper headline and in the govtracking of the bill https://www.govtrack.us/congress/bills/118/hr9348
It is also very clearly about the key bridge collapse, it's almost literally in the name. So yes, this does resolve it YES.
Thank you for answering my question, prediction markets working.