Canal Expansion: $100 Million in Insurance

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

Thursday, August 27, 2009


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. The institution could hire temporary insurance to begin construction, while the permanent policies are formalized.

More on this topic

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.

Panama: Insurers Benefit from Canal works

May 2011

In premiums alone, $990 million has been paid to the insurance industry.

The Panama canal expansion is having a significant effect on the country's economic activity, and the insurance industry is no exception.

Risk policies, liability and marine contingencies among others, are part of the insurance package valued at $ 11.1 million that the Canal Authority pays annually.

Canal Expansion: $75 Million in Loses

May 2014

While the canal expansion is not finished the Maersk and Evergreen shipping lines are transporting goods in post Panamax ships through the Suez Canal.

The Panama Canal Authority (ACP) estimated that the temporary transfer of some of the services of Evergreen and Maersk Line shipping means they will lose out on $44 and $30 million respectively.

British firm leads bidding for Panama Canal insurance contract

July 2008

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.

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.

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