Chubb Prepares $350M Payout Amid $1B Claims for Baltimore Bridge Collapse

May 2, 2024, 02:40 PM

Following the collapse of Baltimore's Francis Scott Key Bridge in March, insurance companies are preparing their financial responses. Chubb, the primary insurer for the bridge, is set to make a substantial $350 million payout to Maryland, aiming to cover the full amount of the insurance quickly. This decision comes as Chubb prepares for a protracted legal battle over claims that could exceed $1 billion. In contrast, Lloyd's of London insurers, including Hiscox and Lancashire, anticipate only moderate claims from the incident.