A $350 million payment from Chubb, the company who insured the Key Bridge, is expected to come in the next 45 days.
WMAR first learned this on May 2, after a spokesperson with WTW, the brokerage firm handling the Key Bridge insurance policy, confirmed it.
RELATED: State of Maryland on verge of collecting $350 million insurance payout for Key Bridge Collapse
"These insurance proceeds, federal funding and other reimbursements will bring a variety of resources toward the rebuild and recovery effort," the MDTA says.
A lawsuit was also filed against the owner and operator of the DALI container ship, who have denied any fault or neglect.
The federal government has already fronted $60 million towards recovery efforts.
#BREAKING: Maryland Transportation Authority anticipates it will receive the $350 mil insurance payment from Chubb - the insurer for the Key Bridge - **in the next 45 days**
— Elizabeth Worthington (@ElizWorthNews) May 31, 2024
"These insurance proceeds, federal funding and other reimbursements will bring a variety of resources… pic.twitter.com/4RIWk3Nxz2
