The Panama Canal Authority (ACP) announced today that it has awarded a contract for insurance brokerage services to Willis Limited, a unit of Willis Group Holdings, a global insurance broker. Beginning October 2009, Willis will provide strategic risk management counsel, and advise the ACP on 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.
“Willis has the industry experience and knowledge that we need. We are confident that their experience will help the ACP secure the most cost effective and competitive insurance plans. We look forward to working with our current and future insurers through Willis,” said ACP Executive Vice President for Administration and Finance Francisco J. Miguez.
The well-established ACP bidding system follows a fair, rigorous and transparent contracting process that welcomes open competition.
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.
