Purpose

The
insurance contract is being tendered for renewal in October
2024.  This report will lay out the
winning bid for Cabinet approval, as the contract will be over
£250,000 and will therefore be a key decision. 

Decision

RESOLVED – 
 

That the Council contracts with
Zurich Municipal plc for insurance services for a 3 year term, with
the option to extend by 3 years and a further 1 year be
approved.

 

That Members agree to put aside
£25,000 per year into the insurance reserve to cover excesses
and to make further self-insurance possible in future years be
approved.

 

That Members delegate authority to
sign the contract and exercise the
options to extend the contract, to the Director of Finance,
Property and Development be approved.

 

That Members delegate authority to
the Director of Finance, Policy and Development, in consultation
with the Portfolio Holder for Finance and Property to determine
variations to the quoted premiums and coverage as raised by the
Finance, Innovation and Transformation Cabinet Advisory Board be
approved.

 
REASON FOR
DECISION: To comply with a legal
obligation that requires the Council to hold certain insurance
policies.