Maryland officials say rebuilding the Baltimore Key Bridge could cost $1.9 billion

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The cost of rebuilding Baltimore’s Francis Scott Key Bridge could reach nearly $2 billion, Maryland officials said this week, as the state filed insurance claims related to the collapse.

The Maryland Department of Transportation said the state plans to have the reconstruction completed by fall 2028, with the total cost estimated to be between $1.7 billion and $1.9 billion.

The Francis Scott Key BridgeThe Francis Scott Key Bridge

The Francis Scott Key Bridge is seen after a collapse in Baltimore’s Patapsco River on March 26.

The agency said federal funding, insurance proceeds and other reimbursements will provide a variety of resources for the rebuilding and recovery efforts.

On Thursday, The Wall Street Journal reported that Chubb, the bridge’s insurer, was preparing to cut a $350 million payout for the state’s full coverage of the construction.

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The payout is likely the first of many related to the disaster that analysts say could cost insurers up to $4 billion, making it a record marine insurance loss.

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The Baltimore Bridge collapsesThe Baltimore Bridge collapses

The Francis Scott Key Bridge and Dali Freighter can be seen on March 29.

The tragedy that left six people dead occurred after a Singapore-flagged container ship, the Dali, collided with the historic bridge.

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The FBI has also launched a criminal investigation into the incident that led to the closure of one of the busiest U.S. ports.

Salvage crews are trying to clear the wreckage after the freighter Dali crashed into Baltimore's Francis Scott Key Bridge on April 2, causing it to collapse.Salvage crews are trying to clear the wreckage after the freighter Dali crashed into Baltimore's Francis Scott Key Bridge on April 2, causing it to collapse.

Salvage crews are trying to clear the wreckage after the freighter Dali crashed into Baltimore’s Francis Scott Key Bridge on April 2, causing it to collapse.

The Journal said Chubb, along with Maryland and the families of the crash victims, will likely sue the ship’s owner and others to recover losses from the crash.

FOX Business has reached out to Chubb for comment.

Reuters contributed to this report.

Original article source: Maryland officials say rebuilding the Baltimore Key Bridge could cost $1.9 billion