{meta} Decision - Insurance Policy & Cover Renewals

Decision details

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: Yes

Decision:

Salford City Council - Record of Decision

I, Paul Dennett, City Mayor, in exercise of the powers contained within the Council Constitution, do hereby approve:

The insurance renewal recommendations - along with the proposed expenditure - on the basis that it provides value for money and continuity of cover. 

 

Detail required

Contract Reference

TBD

Title/Description of Contracted Service/Supply/Project

Catastrophe Cover for the Council’s main classes of Insurance including Liability, Property & Motor fleet

Name of Contractor

AIG,ACE,AXA,ASTA, HSB and QBE

Type of organisation

(to be supplied by Corporate Procurement)

Private Limited Company

Status of Organisation

(to be supplied by Corporate Procurement)

Non-SME

Value of Contract Extension

£

1,146,990.67

 (Includes

12% Insurance premium tax)

Can vary each year depending on terms offered at the time of the future annual renewals

Existing Contract Term

 01/02/2017

to

31/01/2022

Extension Period Requested

N/A

Contact Officer (Name & number)

Cliff Peacock Ext 6980

Lead Service Group

Finance and Corporate Business

Funding Source

Revenue Budget

 

The Reasons are that on the 1st February 2020 the Council’s main classes of insurance business, i.e. Liability, Property and Motor policies fall due for renewal. Insurance policies are currently subject to a discounted Long Term Agreement (LTA) expiring on 31 January 2022 and they provide continuity of cover.

Options considered and rejected were.

N/A

Assessment of Risk - Insurance cover is purchased as a risk transfer mechanism where the authority feels there is a too great a risk in funding a potential occurrence.

The source of funding is the revenue budget.

Legal Advice obtained.

Financial Advice obtained.

Procurement Advice obtained.

The following documents have been used to assist the decision process.

N/a

 

Contact Officer:       Cliff Peacock           Tel No: 0161 607 6980

 

*         This decision is not subject to consideration by another Lead Member         

 

*         The appropriate scrutiny committee to call-in the decision is the Overview and Scrutiny Board.

 

 

Signed:      PAUL DENNETT                  Dated: 9 January 2020                

          City Mayor

 

 

 

This decision was published on 9 January 2020                                  .

 

This decision will come in force at 4:00pm on 16 January 2020 unless it is called-in in accordance with the Decision Making Process Rules.

 

 

Publication date: 09/01/2020

Date of decision: 09/01/2020

Decided at meeting: 09/01/2020 - Procurement Board

Effective from: 17/01/2020

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