Decision:
Cabinet:
Minutes:
Councillor Roger Ramsey presented the report detailing the retender of the Council’s Main Insurance contract to Cabinet.
A joint exercise was carried out with Bexley Council and was split into four lots. Bids were assessed on price and quality. One tender was successful in respect of three of the four lots and a separate tender for the final lot.. In addition there was a separate tender for the terrorism cover. It was noted that it is not an easy time for public sector cover given recent events and low interest rates.
The contract price represents some enhanced cover provision as well as reductions in deductible levels which will reduce the amount the Council pays towards claims. The contract is for a 6 year period with an option to renew (to a 9 year period, this represents a reduction over the full possible cover term of £1.4 million in premium spend.
Cabinet:
Supporting documents: