Maryland Hopes to Rebuild Baltimore Bridge for $1.9 Billion With Insurance, Federal, Other Funds

Maryland plans to rebuild the Francis Scott Key Bridge in just over four years at an estimated cost between $1.7 billion and $1.9 billion, a state transportation official said.

The state plans to build a new span by fall of 2028, said David Broughton, a spokesperson for the Maryland Department of Transportation. He said the cost estimate is preliminary, and detailed engineering specifics have not been confirmed.

The broker for the bridge’s insurance policy confirmed that a $350 million payout will be made to the state of Maryland in what is expected to be the first of many payouts related to the collapse. Chubb, the company that insured the bridge, is preparing to make the $350 million payment, according to WTW, the broker. Douglas Menelly, a spokesperson for WTW, on confirmed plans for the payout, which was first reported by The Wall Street Journal.

Chubb did not immediately respond to a request for comment.

The Maryland Transportation Authority said the state’s treasurer filed a claim on the day of the bridge’s collapse “against our $350 million property policy and put on notice our $150 million liability policy first tier carrier on behalf of MDTA.”

The agency said in a news release that it expects “the full property policy to be paid very shortly.”

Maryland transportation officials noted that the state’s estimates for the cost to rebuild the bridge are in line with similar projects of this scale and complexity. Federal funding, insurance proceeds and other reimbursements will bring a variety of resources toward the rebuild and recovery effort, the officials said, and the state is pursuing other recovery options to minimize net cost to taxpayers and toll customers.