It has been estimated that the economic impact of the Port of Baltimore closure in the wake of the Frances Scott Key Bridge collapse was roughly $15 million a day. (Credit: AFC Vixen via Wikipedia Commons)
Chubb is set to pay the State of Maryland $350 million as part of its coverage of Baltimore's destroyed Frances Scott Key Bridge, multiple news sources have reported, citing the policy's broker.
That dollar amount is the reported limit on a Chubb insurance policy the state took out to cover the bridge, Henry Daar, head of property claims, North America for WTW, told The Wall Street Journal. The payment is forthcoming and will arrive in advance of reconstruction of the bridge, which could take years.
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
