Insurer Chubb Prepares to Pay $350M in Baltimore Bridge Collapse
The payment is expected to be authorized within weeks, the report said, citing a statement from Henry Daar, head of property claims North America for WTW, the bridge’s broker.
The $350-million payout could be the first of many related to the disaster that analysts have said might cost insurers up to $4 billion, making it a record shipping insurance loss.
The tragedy that killed six people occurred after a Singapore-flagged container ship collided with the landmark bridge.
Chubb, along with Maryland and the families of the victims of the crash, will likely sue the ship owner and others to recoup losses from the crash, according to the WSJ report.
Chubb and WTW did not immediately respond to Reuters requests for comment.
(Reporting by Nishant in Bengaluru; Editing by Shinjini Ganguli)
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