The Chief Officer, Finance, Performance and Change presented a report informing Cabinet of the result of the retender exercise for all the Council’s Insurance policies, other than the medical malpractice and Harbour insurance policies which were placed with specialist insurers and were not due for tender at this time. Approval was also sought from Cabinet to authorise Marsh UK Limited, as the Council’s appointed Insurance Broker, to accept cover for the policies, on behalf of the Council.

The Chief Officer, Finance, Performance and Change explained that in October 2022, Cabinet approved the commencement of a tender process for all annual insurance policies due to commence on the 31st of March this year, and this process had now been completed. The received tenders had been evaluated in line with the tender specifications. The specifications asked tenderers to consider two long term agreement options, the 1st for a three-year period and the 2nd for a three-year period with an option to extend for a further two years. These new arrangements would result in an annual saving of £116,000. It was stressed that the reduced cost would not result in a reduction in the level of the insurance cover that the Council would have going forward.

The Cabinet Member for Resources stated that he was pleasantly surprised to find that there was a reduced premium for a similar level of cover and thanked the Insurance and Risk Officer for her hard work. 

RESOLVED:       Cabinet approved the acceptance of the quotations in paragraph 4.4 with a three year Long Term Agreement, and an option to extend for a further two years, placed through Marsh UK Limited as the Council’s appointed Insurance Broker.