Maryland confirms Chubb’s $350m Baltimore bridge payout

Insurer Chubb has paid out $350m for the loss of the Francis Scot Key Bridge in Baltimore.

According to the Federal Highway Administration, Chubb, which insured the bridge itself, completed the initial payout to the Maryland Transportation Authority.

Further potential payments could follow after container ship Dali struck the bridge on leaving the port in March.

Some local politicians have called for compensation from the owner and operators of the ship. In April, the city of Baltimore filed a lawsuit against the owners of the Dali – Singapore-based Grace Ocean Private and its manager Synergy Marine Private – alleging that the ship was unseaworthy when it lost power before striking the bridge.

Supply chain-related losses will also feature in claims against insurers, with the port one of the busiest in the US for specialised and automotive cargo.

Analysts pegged the total insured loss across multiple impacted lines at between $2bn and $4bn.

The bridge is expected to be rebuilt – at a reported cost of nearly $2bn – by 2028, part-funded by federal and state resources.

Six construction workers on the bridge at the time of the collapse died.