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

[IronLionZion]

https://www.cnn.com/2024/05/02/business/key-bridge-collapse-insurance-payment/index.html



New York
CNN
—
The state of Maryland is about to get an insurance payment of $350 million related to the collapse of the Francis Scott Key Bridge in late March, according to the broker handling its policy on the structure.

The payment would come from insurer Chubb, which has a $350 million limit on the policy it had written on the bridge, according to Henry Daar, head of property claims, North America for WTW, the broker on the policy. The payment will be made soon rather than waiting for the construction of a new bridge to begin, a process that could be years away.

The policy will only cover a small fraction of the billions in damages and the clean-up costs associated with March 26 collapse caused by a cargo ship, the Dali, a Singaporean-flagged container vessel, that lost power and slammed into one of the bridge’s support columns.

So far, 3,000 tons of wreckage and debris have been removed from the site for disposal or recycling, according to the latest update from the unified government command overseeing the effort. An estimated 50,000 tons of wreckage still needs to be removed from the site.

[jimfields33]

1. Excellent! That's what should happen. Now we don't have to use precious tax payer money.

Good news.

[elleng]

2. 'Chubb, which has a $350 million limit on the policy it had written on the bridge'

[Voltaire2]

3. seriously. This will pay for almost none of the new bridge.

[sarisataka]

5. Most insurance policies have a limit

you can buy higher limits but of course the cost is greater.

[Deep State Witch]

4. Well, It's Something

Hopefully some of it will go to the families of the men killed.

[sarisataka]

6. I wonder if that is the only policy on the bridge

and if so, did they only ever insure it for the cost to build in the 70's?