Decision details
Contract Award for Insurance Services
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decision:
RESOLVED that Cabinet:
A Noted the outcome of the insurance tender process for the Council’s main insurance programme as detailed below:
|
Policy Type |
2020 Best Insurer Premium |
Best Insurer |
|
Lot 1 – Material Damage, Business Interruption, Money and Specified All Risks |
£89,520.06 |
Zurich Municipal Insurance |
|
Lot 2 – Property Owners |
£32,989.77 |
QBE Insurance via RMP |
|
Lot 3 – Contractor’s All Risks |
£6,626.07 |
HSB Engineering via RMP |
|
Lot 4 - Terrorism |
£17,436.00 |
Lloyd’s Underwriters via Alesco |
|
Lot 5 – Employer’s Liability, Public/Products Liability, Officials Indemnity, Libel & Slander, Land Charges and Public Health Act |
£163,032.79 |
Zurich Municipal Insurance |
|
Lot 6 – Professional Indemnity |
£4,258.82 |
QBE Insurance via RMP |
|
Lot 7 - Crime |
£4,411.76 |
QBE Insurance via RMP |
|
Lot 8 - Computer |
£2,923.81 |
HSB Engineering via RMP |
|
Lot 9 – Engineering Inspection & Insurance |
£33,479.64 |
Zurich Municipal Ins |
|
Lot 10 – Motor Fleet |
£3,320.06 |
Zurich Municipal Ins |
|
SUB-TOTAL |
£357,998.78 |
|
|
Claims Handling (Liability only) |
Not applicable |
|
|
Insurance Premium Tax @ 12% |
£39,941.97 |
|
|
VAT (Claims Handling and Engineering Inspection only) @ 20% |
£5,029.80 |
|
|
GRAND TOTAL |
£402,970.55 |
|
B Noted the outcome of the insurance tender process for Residential leaseholders Buildings Insurance as detailed within this report, which will be awarded to Ocaso SA subject to the outcome of the second leaseholder consultation.
C Delegated authority to the Head of Finance and Deputy to the Chief Executive to make final contract awards following the outcomes of any minor clarifications, which are not expected to materially affect the evaluation.
D Approved the retention of Arthur J Gallagher as insurance brokers for the duration of the Long Term Agreement.
E Delegated authority to the Head of Finance and Deputy to the Chief Executive and to seek revised terms from unsuccessful tenderers as set out in the Invitation to Tender (ITT) should the need arise once quoted premiums have been reviewed based on claims experience as at 31 January 2020 and to reflect any portfolio changes since submission of the ITT.
Report author: Simon Freeman
Publication date: 09/12/2019
Date of decision: 05/12/2019
Decided at meeting: 05/12/2019 - Cabinet
Effective from: 17/12/2019
Accompanying Documents:
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