Decision details

Insurance Contract Award 2024-2029 Property & Leasehold Buildings

Decision Maker: Strategic Director of Finance

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

This report sets out the recommended contract awards for the Councils Insurance programme for the following contracts: Property and Residential Leasehold Buildings for contract commencement date of 1 April 2024.

Decision:

1.    It is recommended that the Strategic Director of Finance in consultation with the Cabinet Member for Finance and Reform, approves the following contract awards pending completion of section 20 Stage 2 consultation with leaseholders and appropriate sign off of due regard of responses:

 

Contract

Insurer

Year 1 premium

£’000

Estimated 5-year Premium

£’000

Contract Period

Property

Protector Insurance

847

4,235

5 years

Residential Leasehold Buildings

Protector Insurance

2,648

13,240

5 years

 

2.    To note that Appendices 2 and 3 are not for publication on the basis that they contain information relating to the financial or business affairs of any particular person (including the authority holding that information) as set out in paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended).

 

Reasons for the decision:

The contract for Property insurance expires after a five-year term on 31 March 2024. A re-tendering of these contracts has taken place and was open to all qualifying bidders as is required under the Public Contract Regulations 2015.

 

 

Alternative options considered:

As described in the report.

Publication date: 11/03/2024

Date of decision: 07/03/2024

Effective from: 15/03/2024

Accompanying Documents: