Chubb to Pay $350M for Baltimore Bridge Collapse, New Span by 2028

May 2, 2024, 02:40 PM

Chubb, the insurer for the collapsed Francis Scott Key Bridge in Baltimore, is set to make a $350 million payout to Maryland. This payment is part of the initial steps in addressing the damages from the March collapse, with total damages expected to exceed $1 billion. The payout is significant as it represents the full amount of the insurance coverage and is being expedited ahead of the rebuilding process. Meanwhile, Maryland officials have estimated that replacing the bridge will cost between $1.7 to $1.9 billion and take four years, with the new span projected to open in 2028.