NewsKey Bridge Collapse


State of Maryland on verge of collecting $350 million insurance payout for Key Bridge Collapse

Posted at 2:50 PM, May 02, 2024
and last updated 2024-05-02 16:05:30-04

BALTIMORE — Lawsuits and insurance claims are already flowing in the aftermath of the Key Bridge collapse.

WMAR-2 News has learned Chubb, the company who insured the Key Bridge, is reportedly preparing a $350 million payout to the state of Maryland.

The development was confirmed by a spokesperson with WTW, the brokerage firm handling the Key Bridge insurance policy.

It's unclear when the payment will be made, but WTW expects it to be worth the full policy amount, estimated to be around $350 million.

This news comes on the heels of Baltimore City filing legal action against the owner and operator of the DALI container ship that crashed into the bridge. Grace Ocean Private Limited and Synergy Marine PTE, the companies behind the DALI have since denied any fault or neglect.

The catastrophic incident left six construction workers dead and two others injured.

It also severely impacted local workers, as operations at the Port of Baltimore remain partially suspended.

A small area business is also suing the DALI's owners, claiming a loss of income.

The U.S. District Court of Maryland has ordered all suits stemming from the collapse to be filed by September 24.

Additionally the Federal Government has already fronted $60 million in funding towards recovery efforts, which is expected to reach the multi-billion dollar range.