Provision of Insurance Services in respect of Leasehold Properties and Equity Share / Mortgaged Properties (excluding the provision of insurance broking services) 2021

Concepts

• property insurance
• reading
• provision of insurance services
• provision of insurance broking services
• freehold properties.the insurer
• insurance broker
• provision of its property insurance
• buildings insurance
• leasehold properties insurance
• insurance cover

Location

Berkshire:

Description

Reading Borough Council are completing an Invitation to Tender exercise (managed by Marsh., the Contracting Authority's retained Insurance Broker and Risk Advisor) for the provision of Right to Buy and Leasehold Properties Insurance.

Total Quantity or Scope

The Contracting Authority invites bids for the provision of its property insurance in respect of private dwellings sold on a leasehold basis, the majority of these were under the Right To Buy (RTB) legislation. The current Long Term Agreement expires on 31st March 2022. The dwellings are flats in blocks and flats in houses (maisonettes) where the Contracting Authority still retain the freehold ownership and in some case the leases may state that the Contracting Authority, as the Freeholder, will arrange the buildings insurance on behalf of the Leaseholder and recharge the premium as part of the Service Charge. Other flats in some blocks have not been sold (RBC tenanted) and are separately insured so insurance cover for these flats are not required. In addition, there are 4 Shared Ownership Houses (5 Dee Road, 8 Dover Street, 57 Field Road, 12 Norwich Drive) which have different leases. There are 9 Shared Ownership Houses (in Field Rd & Garnet Hill). These are identified on the schedule. 17 detached garages that are leased to RTB leaseholders are included in the schedule. There are no freehold properties.The Insurer must be registered with the Financial Conduct Authority (FCA) regulates how these firms behave, as well as more broadly the integrity of the UK’s financial marketsCover is expected to commence at 00.01am on the 1st April 2022 in the name of: Reading Borough Council (including Leaseholders and Mortgagors for their respective interests)

Renewal Options

1 renewal available in the form of an extension for 24 months beyond the initial 60 month term.

CPV Codes

• 66515200 - Property insurance services

Indicators

• Variant bids may be considered.
• This is a one-off contract (no recurrence)
• Renewals are available.
• Professional qualifications are sought.

Other Information

The Council is procuring Damage to Buildings, Loss of Rent and Property Owners Liability insurance cover to protect the Council’s and Leaseholders’ interest in the properties owned by the Council.Suppliers that would like to take part in this process are invited to Express Interest upon which they will be given access to the full documentation delivered through this portal. Documents can be accessed from the My Tenders area of this website by selecting the View Details button for the project.Expressions of interest will only be accepted until 20th November 2021.Any questions relating to this opportunity should be made via the correspondence link on this portal. ** PREVIEW NOTICE, please check Find a Tender for full details. ** Cover must be in place from/commence on 1st April 2022. The tender is being managed by Marsh., the Contracting Authority's retained Insurance Broker and Risk Advisor