Insurance Provision - Modification VEAT

Concepts

• insurance services
• glasgow
• insurance provision
• zurich insurance company ltd
• the existing insurance provision contract
• insurance provision - modification veat
• insurance provision - modification
• the current insurance service provider
• modification
• insurance

Location

Scotland:

Description

This Voluntary Ex-Ante Transparency (VEAT) relates to the extension of the existing Insurance Provision contract. Having sought advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term “by circumstances Key Housing Association (KHA) and it’s subsidiary, Community Lifestyles (CL), could not have foreseen”. Justification of this intention together with full details of the intended contract are included within sections II.2.4 and IV.1.1 of this notice.

Total Quantity or Scope

Key Housing Association (KHA) and its subsidiary, Community Lifestyles (CL), intend to extend the existing Insurance Provision contract due to end 31 May 2024 to 31 May 2025 with Zurich Insurance Company Ltd who are the current insurance service Provider.

Award Detail

CPV Codes

• 66510000 - Insurance services

Legal Justification

This Voluntary Ex-Ante Transparency (VEAT) relates to the extension of the existing Insurance Provision contract. Having sought advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term “by circumstances Key Housing Association (KHA) and its subsidiary, Community Lifestyles (CL), could not have foreseen”. Key Housing Association (KHA) and its subsidiary, Community Lifestyles (CL) intend to extend the existing Insurance Provision contract due to end 31 May 2024 to the 31 May 2025 with Zurich Insurance Company Ltd who are the current insurance service Provider. This informed decision based on; the ongoing insurance marketplace uncertainty reflective of the post-Brexit economic environment, the far-reaching impact of the war in Ukraine, recent challenges faced by RSL’s relating to all services, and the current cost-of-living pressures; while concurrently seeking to ensure effective continuity of our insurance services to meet our statutory regulatory requirements. The insurance market for social housing providers has always been quite restricted, however in the field of property and liability this has hardened severely and quickly since the start of 2023. This has been accelerated by the departure of two main insurance providers to the Sector over the last 6 months, meaning the already limited capacity is much reduced. This has resulted in unsustainable market conditions, and we have seen insurers react this year applying significant rate increases on Renewals during the first quarter of 2024. KHA and CL intend to go out to the marketplace for a new contract for Insurance Provision and this procurement process will commence Q3 2024/25 with a target effective date contract date of 1 June 2025.

Other Information

** PREVIEW NOTICE, please check Find a Tender for full details. ** It should be noted that this VEAT notice is intended to inform the market of the intention to modify a contract under Regulation 72 (1) (c) and whilst the PCS system requires an award date prior to the VEAT notice publication for the avoidance of doubt it should be noted that the contract has not been entered into prior to the publication of this notice. NOTE: To register your interest in this notice and obtain any additional information please visit the Public Contracts Scotland Web Site at https://www.publiccontractsscotland.gov.uk/Search/Search_Switch.aspx?ID=755297. (SC Ref:755297)