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.
Bridge insurance covers damage to a bridge due to fire, flood, and explosions. Many government entities and contractors who build bridges take out bridge insurance policies. Bridge insurers work closely with construction and maintenance firms on various issues.
This is only likely the 1st payment. They know it will be larger.. just not sure how much larger. It allows the State to immediately hire contractors, etc and not have to worry about paying them. It also allows Chubb to sell of stocks and bonds that they hold in a way that does not depress the market value of them. I expect that Chubb will likely make 3 - 5 payments overall (and only the last one at the end when final liability is determined).
Clearance gad nothing to do with this. That bridge is 185' high. Anything that can fit in the 50' harbor channel isn't coming close to the height of the bridge.
In all fairness I believe the owner of the ship should be held responsible based on all the evidence to support a claim? We the taxpayers did not destroy the bridge, maybe the responsibility falls on the boat owners and the company that's liable so get that money
