Issue - meetings

(Report of the Director of Corporate Resources. To be introduced by the Cabinet Member for Finance and Carbon Redcution). The report seeks approval to appoint a provider, via the Insurance London Consortium, for leaseholders’ property insurance for a three year period from 1 April 2013.

Cabinet considered a report, presented by the Cabinet Member for Finance and Carbon Reduction, which sought approval of the procurement of Leaseholder Property Insurance via the Insurance London Consortium (ILC) and the awarding of the contract to provide this.

Exempt information was considered under Item 28.

RESOLVED:

That the procurement of the Leaseholder Property Insurance, via the ILC be approved and that the contract for the insurance policy be awarded to the recommended provider (as set out in exempt Appendix 2 of the report) with the total costs for 2013/14, as specified in paragraph 3 of exempt Appendix 2, of the report.

Alternative Options Considered

Purchasing stand alone cover for the Council, using agreed procurement processes was not considered appropriate because the insurance market for the Local Authority risk had historically had a limited number of competitors and higher rates.

The Council had benefited from its membership of the ILC both in terms of achieving good value for money on the policies purchased and in the facility to share best practice on insurance and risk management practices.

Reasons for Decision

The current contract for this policy has been in place since the 1 April 2008 and is due to expire on 31 March 2013. It is necessary to ensure that a new contract is in place from 1 April 2013, to avoid any gap in insurance cover for the Council.