Footage taken by a coast guard boat has revealed the devastating aftermath of last week's bridge collapse in Baltimore, which was caused by a collision with a cargo ship. As cleanup operations continue, the owner and manager of the cargo ship have filed a court petition in an attempt to limit their legal liability for the tragic incident.

Under U.S. maritime law, the companies have filed a "limitation of liability" petition, a routine procedure in such cases. A federal court in Maryland will determine the responsible party, as well as the extent of their financial responsibility, in what could potentially become one of the costliest maritime disasters.

The joint filing by the companies seeks to cap their liability at approximately $43.6 million. The petition takes into account the vessel's value, estimated at up to $90 million, and outstanding income from freight, which amounted to over $1.1 million. Additionally, repair costs are estimated to be at least $28 million, while salvage costs are estimated at least $19.5 million.

The companies have invoked an 1851 maritime law provision that allows them to limit liability to the value of the vessel's remains after an accident. This mechanism has been commonly used as a defense in previous maritime disasters. As part of the process, all claims related to the incident must now be filed.

The legal resolution of cases like this typically takes years, although experts do not anticipate major complications due to the clear aspects of the law. The primary focus will be on determining the exact cause of the incident and identifying any preventive measures that could have been taken.

According to a report from credit rating agency Morningstar DBRS, the bridge collapse in Baltimore has the potential to become the most expensive marine insured loss in history. The estimated total insured losses for the disaster range from $2 billion to $4 billion, surpassing the previous record held by the 2012 Costa Concordia shipwreck off Italy, which amounted to about $1.5 billion.

The tragic incident claimed the lives of two workers, while four remain missing and are presumed dead. The closure of the Port of Baltimore, a significant shipping port, has had a severe impact on the local economy, potentially resulting in hundreds of millions of dollars in lost labor income alone over the next month.

The cost to rebuild the collapsed bridge is projected to be at least $400 million, possibly even higher depending on the design chosen for the new structure.

In cases of wrongful death, the amount of compensation awarded to families typically takes into account various factors, such as the financial support the deceased would have provided and funeral expenses. Additionally, there is a consideration for the "loss of nurture," which represents the monetary value attributed to the guidance and support the victims would have provided to their children.

As the legal proceedings begin, investigators will work tirelessly to uncover the exact sequence of events that led to the tragic collapse, aiming to bring closure to the families affected and learn vital lessons to prevent similar incidents in the future.