06:23 AM EDT, 05/02/2024 (MT Newswires) -- Chubb ( CB ) is preparing to pay the full insurance payout of $350 million to the US state of Maryland to cover the costs of the collapsed Francis Scott Key Bridge in Baltimore, the Wall Street Journal reported Thursday, citing the bridge's insurance broker, WTW (WTW).

Chubb ( CB ) has opted to pay the maximum coverage within weeks, the Journal quoted Henry Daar, head of property claims North America for WTW, as saying.

The estimate for rebuilding the bridge following the March 26 collision of a cargo ship into the bridge is $1.2 billion, the report said.

Chubb ( CB ), the state of Maryland, and the families of people who were killed in the disaster plan to sue the Singapore-flagged Dali, which is insured up to $3.1 billion, the report added.

Chubb ( CB ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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