Willis of England gains Panama Canal insurance contract

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.

Friday, July 25, 2008

The winning firm offered the lowest price in the bid carried out last week, in which five companies competed, the canal authority reported.
With the seven-year contract, the broker will look after insurance needs and will administer any claims arising from the construction of the new locks as well as the final excavation of the access basin on the Pacific side.
The 5.25 billion dollar expansion is slated for completion in 2014.

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British firm leads bidding for Panama Canal insurance contract

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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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