The check will hit the upper limit of Marylands coverage for the bridge.
I give Chubb kudos for recognizing that this is clearly going to be a full-limits loss, Daar said.
A representative for Chubb did not immediately respond to a request for comment.
Salvage crews continue to remove wreckage from the Dali one month after the cargo ship collided with and caused the collapse of the Francis Scott Key Bridge in Baltimore, Maryland, on March 26.Photo: Chip Somodevilla (Getty Images)
If that petition is approved, the estimated total insured loss would significantly decrease.
The FBI hasopened a criminal investigationinto the bridges collapse.
The National Transportation Safety Board is also investigating.
The port is a major player in supply chains for the auto and energy industries.
Late last week, Marylands Port Administrationopened a temporary channel allowing ships docked at the port to leave.
The 35-foot-deep channel was the fourth opened by the state to allow movement out of the port.
More than $6 billion of cargo doesnt pass through the port every month it remains closed.
This article originally appeared onQuartz.
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