Insurance Services - Material Damage, Business Interruption, Money & Terrorism and Public / Products Errors and Omissions Liability

Concepts

• insurance services
• redcar
• public products
• business interruption
• material damage
• cpi insurance policies
• money
• terrorism
• material damages
• material damage, business interruption

Location

REDCAR

Description

Renewal of Insurance Policies via procured broker for CPI insurance policies for Material Damage, Business Interruption, Money & Terrorism and Public Products , Errors and Omissions Liability.

Total Quantity or Scope

Procurement of Insurance Policies for Material Damages, Business Interruption, Money & Terrorism and Public Products, Errors and Omissions Liability.

Award Detail

CPV Codes

• 66510000 - Insurance services

Indicators

Legal Justification

Centre For Process Innovation Limited (CPI) is putting out this notice as a VEAT (Voluntary Ex ante Transparency Notice) as CPI intends to complete a Direct Award to Newline Insurance Company Limited for the provision of the classes of insurance identified below, without a call for competition in accordance with the Public Contracts Regulations 2015. The bulk of insurance services to be obtained under the Direct Award shall relate to Life Sciences Liability Insurance (Material Damage, Business Interruption, Money & Terrorism Public & Products Liability & Errors & Omissions Liability). The contract duration is expected to be 24 months from 14th January 24 and the value of the contracts will be £450000.00 The justification for a Direct Award is the Life Sciences insurance market is protecting organisations against a unique range of risks, with differing exposures, the nature of the insurance requires extensive risk analysis of matters such as type of clinical trials being undertaken. Furthermore there is a limited marketplace of organisations that undertake the specialist & complex business activities that CPI undertake (CPI operates as technology and research innovation centre specialising in highly advanced medicine manufacture, formulations, therapeutic biologicals manufacture, and electronics & photonics systems) whereby it is considered the insurance market would not be able to adequately assess & provide quotations to CPI via a Public Contracts Regulation tender process. It is because of these complex challenges that CPI via their procured broker have approached a number of Insurers are proposing to continue working with their current insurance provider Newline Insurance Company Limited.