The Panama Canal Authority (ACP) announced that it has awarded a contract for insurance brokerage services to Willis Limited. Beginning October 2009, the firm will provide strategic counsel, as the ACP chooses the best policies to cover property, floating equipment, loss of income and maritime contingencies, among others. The contract will be for one year with an option to renew for three additional years.
Willis Limited is also the ACP’s broker for its Owner Controlled Insurance Program that includes the Third Party Liability and Construction All Risk coverage for the design and construction of the new set of locks and the fourth dry excavation projects under the Panama Canal Expansion Program.
The ACP received three bids September 4 from top-level internationally renowned insurance brokerage firms vying for the contract. After careful review and thorough evaluation of the submissions, the ACP selected the firm with the lowest bid that met the contract’s objectives as described in the request for proposal released August 4.