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".
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.
In premiums alone, $990 million has been paid to the insurance industry.
While the canal expansion is not finished the Maersk and Evergreen shipping lines are transporting goods in post Panamax ships through the Suez Canal.
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.
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