Issue - meetings

Insurance Renewals 2023/24

Meeting: 20/06/2023 - Policy and Finance (Item 115)

Insurance Renewals 2023/24

Report of the Director of Resources & Deputy Chief Executive enclosed.

Minutes:

The Director of Resources & Deputy Chief Executive submitted a report informing Committee of the results of a recent Insurance Services Tender.

 

The previous tender for the Council’s insurance services was carried out in 2018 and resulted in a five-year contract effective from 20 June 2018 to 19 June 2023. Tenders had been invited in April 2023 using the Crown Commercial Services Framework system and of the 4 eligible companies only 1 submission was received, which was from the existing provider. The approved available budget for insurance services was £221,630 however there was a shortfall against the tender price totalling £35,760.

 

The report included a summary of the Premium for 2022/23 compared to the latest tender submission, comments on premiums with the measures taken to mitigate potential increases, and claims history analysis.

 

Members were asked to consider the additional cost above that already budgeted for in 2023/24, which would also have an impact on future years. It was confirmed at the meeting that an extension had been granted on the existing contract until the new contract was agreed.

 

RESOLVED THAT COMMITTEE:

 

Approve the award of the contract on the basis that the additional budget of £35,760 will be reflected on services at the time of setting the revised estimate for the year, and that the increased costs will be built into the Council’s base budget for future years.

 

Councillor S Atkinson left the meeting and Councillor S Hore proceeded as Chair in respect of the next agenda item.