It is recommended that the Director of Finance accept the following bids for external insurance cover from 1 October 2023. The contract period is for a three-year initial term, followed by two single year extensions (if required).
Property – The Travelers Company - £194,178.12 per annum
Liability – Risk Management Partners - £234,125.00 per annum
Motor – Zurich Municipal - £39,696.10 per annum
The total value of the insurance arrangements tendered per year is £467,999.22, plus insurance premium tax at 12%, giving an annual total cost of £524,159.13.
The total value of the contract award being placed for the whole five-year period (including extensions) is £2,620,795.65.