Chubb, Maryland to discuss $350m compensation deal: Report

Analysts anticipate total insurer payouts could reach $4b.

Chubb, the insurer for Baltimore's Francis Scott Key Bridge, is preparing to pay $350m to Maryland following its collapse in March, reported Reuters.

This payout, likely to be authorised soon, marks the first significant compensation related to the incident. Analysts anticipate total insurer payouts could reach $4b, constituting a record shipping insurance loss.

The bridge collapse, resulting in six deaths, occurred when a Singapore-flagged container ship collided with it. The FBI has initiated a criminal investigation into the incident, leading to the closure of a major US port.

ALSO READ: Chubb witnesses 13.3% net income surge in Q1’24

Reports suggest that Chubb, Maryland, and the victims' families may pursue legal action against the ship owner and others to recover losses. Chubb has refrained from commenting on this matter upon Reuters' request.

Baltimore's mayor and city council have already filed a lawsuit against the ship's owner and operator, alleging negligence in the incident.

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