British firm leads bidding for Panama Canal insurance contract

Five firms presented the Panama Canal Authority with bids for a contract to provide an insurance corridor on three contracts in the program to increase the canal's capacity.

Thursday, July 17, 2008

Willis Ltd., of the United Kingdom, presented the lowest bid, US$695,000, followed by Marsh USA with US$825,525. The other bids were received from Jardine Lloyd Thompson of the UK, Arthur Gallagher & Co. of the US, and AON Global of Mexico.
Under the rules of the tender, the canal authority has to accept the lowest bid, but it has 30 days in which to ensure that the bid meets all the technical requirements.

More on this topic

Canal Expansion: $100 Million in Insurance

August 2009

The company Willis Limited has been hired as broker to place this insurance in the international market.

The Panama Canal Authority informed that "Civil liability for the Canal expansion project will be covered with a maximum $100 million insurance".

Insurance for civil liability and construction risks for the third set of locks will be hired directly by the Panama Canal Authority.

Willis of England gains Panama Canal insurance contract

July 2008

The Panama Canal Authority has signed a 695,000-dollar contract with Willis Limited of England for brokering the insurance arrangements for the broadening of the aquatic waterway.

The winning firm offered the lowest price in the bid carried out last week, in which five companies competed, the canal authority reported.

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