Extension of Existing Insurance Long Term Agreements
Report of Chief Executive.
Decision:
Approval granted to accept the offer of an extension to the LTA’s in place with the relevant insurers for a further two years commencing from 1st January 2015 in accordance with the conditions of contract and the terms set out in the body of the report.
Minutes:
The confidential report of the Chief Executive was presented by the Executive Leader and Executive Member (Economic Development and Partnerships), Councillor Alistair Bradley.
The report informed Members of the arrangements that underpin the Council’s portfolio of general insurance covers and sought approval to accept a two year extension of the existing Long Term Agreements.
Decision: Approval granted to accept the offer of an extension to the LTA’s in place with the relevant insurers for a further two years commencing from 1st January 2015 in accordance with the conditions of contract and the terms set out in the body of the report.
Reasons for recommendation(s)
The suggested approach to accept the final two year extension period with existing insurers on the terms offered is the course of action recommended by the Council’s independent insurance broker in their renewal report.
Alternative options considered and rejected
In view of the prevailing market conditions and following advice and discussion with JLT, both Councils’ CEO’s agreed not to seek to re-tender at this stage. Instead it was agreed to work with JLT to facilitate the extension process and also develop and evaluate options for selfinsurance and/or varying excess levels on key policies to ascertain their impact on insurance premiums.
In conjunction with JLT the work to identify options and to quantify and assess their impact on insurance premiums options has now been completed.