Issue - decisions

Contract Award for Insurance Services

09/12/2019 - Contract Award for Insurance Services

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.