The collapse of the Francis Scott Key Bridge in Baltimore was a dramatic example of an unexpected event with major consequences on the economy and global trade. Despite what was in place to protect the bridge’s supports, the ship caused the horrific collapse. The MV Dali is a neopanamax vessel, built to travel through the expansion of the Panama Canal that only opened in 2016. Far larger than those that existed when the bridge was built in the 1970s, the protective mechanisms were not sufficient to stop the Dali when its navigation ability was lost due to engine failure.
It will be months before investigations into the cause of what happened are finished, but the effects were immediate: the complete shutdown of one of the largest ports on the East Coast of North America, which also happens to be the most important for the importation of automobiles into the United States. It is also expected to result in perhaps the largest-ever insurance payout for a marine loss, the effects of which will ripple out for years to come.
Although such events are impossible to predict, you can still prepare for their likelihood with a wise, diversified financial strategy. Let’s talk about how to make sure you’re as ready as can be for the undiscovered country of the future.
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