Purpose

Our current 5 year contract for Insurance Services ends on 31/03/2025. This contract covers our potential financial liabilities for a variety of insurance claims, including our properties, motor fleet and drivers and public liabilities.

The report sets out two options to provide this cover and asks that a decision is made on these options, which are:

1) Re-tender the Insurance service contract with a third party provider, or
2) Self Insure the costs of Insurance claims and costs to repair damage to our own assets from the Council’s financial resources.

Additionally, should the decision be made to re-tender, that the decision in terms of the contract award is delegated to the Council's s. 151 Officer.

Decision

Resolved:

That Cabinet notes:

1. 1.    The insurance lot structure and intended insurance arrangements;

That Cabinet agrees:

1. 1.    To delegate the award of the relevant contracts to the winning bidders to the Corporate Director, Resources, in consultation with the Cabinet Member for Finance, Development Management, and Strategic Planning.

Reason for Decision:

Not having insurance cover in place would expose the Council to significant financial risk.