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Maryland is about to get $350 million from insurance in bridge collapse

·1 min

The state of Maryland is set to receive a $350 million insurance payment for the collapse of the Francis Scott Key Bridge. The payment will come from insurer Chubb, which has a $350 million limit on the policy for the bridge. It is expected to be made soon, rather than waiting for the construction of a new bridge to begin. The policy will only cover a small fraction of the overall damages and cleanup costs. So far, 3,000 tons of wreckage and debris have been removed from the site, with an additional 50,000 tons still remaining. The accident temporarily closed much of the operations at the Port of Baltimore. Last month, the city of Baltimore filed a legal claim seeking damages against the ship owner and manager. The cause of the accident has yet to be officially determined.