Chubb has completed an initial insurance payout following the March 2024 collapse of the Francis Scott Key Bridge in Maryland.
Citing a confirmation from the Federal Highway Administration, 7News reported that $350 million had been paid out to the Maryland Transportation Authority by the bridge’s insurer. It was described as the first of potentially many such disbursements.
Meanwhile, the Associated Press noted that a proposal to remit the insurance proceeds to the federal government has been approved, with the state looking to show good faith amid ongoing negotiations about the prospect of the full cleanup and rebuilding costs being shouldered by the federal government.
Read more: Major (re)insurers and P&I club on hook for Baltimore bridge disaster
This week, Kiewit Infrastructure was awarded a $73 million contract by the Maryland Transportation Authority board for the first phase of the rebuilding project.
The company said in a statement: “We look forward to partnering with the Maryland Transportation Authority, many local subcontractors and suppliers, and our strong craft workforce to safely deliver and restore this vital transportation link in the city of Baltimore and the greater region.”
The Key Bridge collapsed on March 26, killing six road work crew members who were filling potholes at the time. A probe by the Federal Bureau of Investigation continues.
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