This news comes just over a month after the tragic incident, marking the first major payout in what could be a lengthy dispute over liability.

The collapse of the bridge has resulted in insured losses estimated to be between $2 billion and $4 billion, surpassing even the $1.5 billion loss incurred by the Costa Concordia shipwreck in 2012, according to Morningstar DRBS. The DALI cargo ship, chartered by Maersk, struck one of the bridge's critical support columns after an apparent loss of power, leading to its catastrophic collapse. This unfortunate incident claimed the lives of six construction workers and brought one of the major ports in the U.S. to a standstill.

Henry Daar, head of property claims for WTW, the bridge's broker, stated that the expected payout from Chubb will be authorized within weeks. The $350 million payment will reach the upper limit of Maryland's coverage for the bridge and also provide some business-interruption coverage for the Port of Baltimore, which has been losing approximately $88 million per year in tolls due to the closure.

Daar commended Chubb for recognizing the enormity of the situation, stating, "I give Chubb kudos for recognizing that this is clearly going to be a full-limits loss. They could spend millions and millions of dollars in fees for accountants and adjusters over the next few years, or they could pay the claim."

Besides the payout, Chubb is expected to support Maryland in legal action against the owner and operator of the DALI, Grace Ocean Private and Synergy Marine Group, respectively, in an attempt to recover losses sustained. Both companies have filed a petition to cap the damages they may be responsible for at $43.6 million, a move that could significantly reduce the estimated overall insured loss.

In response to the bridge collapse, the City of Baltimore and at least one local business have filed lawsuits against Synergy and Grace Ocean, alleging "gross and potentially criminal negligence." The incident has drawn the attention of the FBI, which has opened a criminal investigation, and the National Transportation Safety Board, which is also conducting its own inquiry.

The collapse of the Francis Scott Key Bridge has had a profound impact on Baltimore's port, a crucial hub in supply chains for the automobile and energy industries. The closure of vessel traffic through the port, which handled 52.3 million tons of foreign cargo worth $80 billion in 2023, has created significant disruptions in trade.

As the investigations continue, the $350 million payout by Chubb serves as a significant step towards resolving the financial burden and providing some relief for the state of Maryland and the Port of Baltimore. The attention now turns to pursuing further legal action and determining the full extent of liability in this unfortunate accident.