Decision

The Cabinet:
 
1.1 Cabinet considers and agrees to the
following next steps concerning structural insurance and
consequential loss:
 
1.1.1 Commissions
external specialist advice as to whether the mitigations
we’ve actioned are
adequate to reduce the risk to a level that
could be tolerated
 
1.1.2 Continue to
seek to procure structural insurance via continuing discussions
with our corporate
insurer and engaging with alternative
providers
 
1.1.3 If we are
unable to procure structural insurance and the risks haven’t
been mitigated to a tolerable level (see 1.1.1), a paper will come
back to Cabinet recommending to Full Council an increase in the
Minimum Level of Reserves from the approved level of £2m to
allow us to self-insure.
 
1.2 Cabinet delegates the signing of the
50-year lease with Network Rail to the Cabinet Member for Visitor
Economy, Ecology and Climate Change in consultation with the Chief
Operating Officer and the Director of Finance, Regulation and
Enforcement, subject to:
1.2.1 Adequate and
appropriate public liability insurance being in place;
1.2.2 The steps
outlined at recommendation 1.1 are actioned and concluded;
1.2.3 Any financial
implications being contained within approved budgets.; and
1.2.4 A maintenance
sinking fund being established for the project.