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 rebuild completed by fall of 2028, with total costs estimated to reach between $1.7 billion and $1.9 billion.

The agency said federal funding, insurance proceeds and other reimbursements will bring a variety of resources toward the rebuild and recovery effort.

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

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The payout is likely to be the first of many related to the disaster that analysts have said might cost insurers up to $4 billion, making it a record shipping insurance loss.

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

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

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

FOX Business reached out to Chubb for comment.

Reuters contributed to this report.