Modification of Insurance and Related Services 2019 - 2024 to June 25

Concepts

• insurance services
• glasgow
• june
• the current insurance service provider
• insurance provision
• our insurance services
• the ongoing insurance marketplace uncertainty
• the existing insurance provision contract
• two main insurance providers
• 2024

Location

Glasgow

Description

Contract Award for the Modification of provision of general insurance and related services, including claims handling, loss control services and general programme maintenance and advice as required by Key HA and Community Lifestyles commencing 1 June 2024 to 1 June 25. Further to the previously advertised VEAT notice, Document ID: 755297 - Title: VEAT - Insurance Provision Contract - Modification and 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) could not have foreseen”. Key Housing Association (KHA) intends to extend the existing Insurance Provision contract due to end 1 June 24 to the 1 June 25 with Zurich Ltd who are the current insurance service Provider

Ammendments to Previous Notice

Award Detail

CPV Codes

• 66510000 - Insurance services

Indicators

• Contract modified due to unforeseen circumstances.

Legal Justification

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.

Other Information

(SC Ref:755296)