ACE American Insurance Company, part of Chubb, has reached a $350 million settlement with the owner and operator of the container ship Dali over the collapse of Baltimore’s Francis Scott Key Bridge.
The agreement was confirmed during a federal court hearing in Baltimore. The settlement matches the $350 million ACE paid to the state of Maryland less than two months after the bridge collapsed in March 2024, which was the full limit of the state’s insurance policy.
The collapse occurred after Dali lost power and struck the bridge, causing the structure to fall and killing six construction workers.
Details of the settlement were not disclosed in court. However, the wider case remains active. The city of Baltimore, the state of Maryland, local businesses and families of the victims are still pursuing claims against Grace Ocean Private Limited and Synergy Marine Group, the ship’s owner and manager.
The total cost of rebuilding the bridge is now expected to exceed $5 billion, and the completion timeline has been pushed back from 2028 to 2030.
A key issue in the next trial phase is whether the shipowner and operator can limit their liability to about $44 million under an older maritime law. They have sought to cap liability at that level for years, while claimants are pursuing damages worth billions.
A bench trial on that issue is scheduled to begin on 1 June, with a pre-trial hearing set for 5 May. U.S. District Judge James Bredar said all parties must be ready to proceed even if additional settlements are reached.
Earlier, Grace Ocean Private Limited and Synergy Marine Group also agreed to a $102 million settlement with the U.S. Department of Justice.
Investigators from the National Transportation Safety Board found that a loose wire caused the electrical failure aboard Dali, although those findings cannot be used directly in court.
Maryland officials said work on the replacement bridge is continuing. The design is about 70% complete, and the Port of Baltimore has recorded its second-best year on record since the collapse.
