Council Insurance Premiums
A Voluntary Ex-Ante Transparency (VEAT) Notice
by ISLE OF WIGHT COUNCIL
- Source
- Find a Tender
- Type
- Contract (Services)
- Duration
- not specified
- Value
- £1M
- Sector
- BUSINESS
- Published
- 12 Jun 2024
- Delivery
- not specified
- Deadline
- n/a
Concepts
Location
Newport
2 buyers
- Isle of Wight Council Newport
4 suppliers
- Travelers Redhill
- Qbe London
- Navigators & General Swindon
- Allianz Guildford
Description
Council Insurance Premiums from 1 April 2023 until 31 March 2025 (2 year's premiums).
Total Quantity or Scope
The value paid for premiums in 2023/24 was £751723.08 and the value of the premiums for 2024/25 is £805712.47
Award Detail
| 1 | Travelers (Redhill)
|
| 2 | Qbe (London)
|
| 3 | Navigators & General (Swindon)
|
| 4 | Allianz (Guildford)
|
CPV Codes
- 66000000 - Financial and insurance services
Indicators
- Award on basis of price and quality.
Legal Justification
The Authority has a long term agreement with the supplier that should have been in place until 31/03/2025 however due to miscommunications that contract did not include the 2 year extension agreement. This only came to light after the contract had ended last year so we were unable to modify it before it expired. The value paid for premiums in 2023/24 was £751723.08 and the value of the premiums for 2024/25 is £805712.47. It should be noted that premiums are paid via our Broker - Marsh Ltd. The Authority will be observing a 10 day standstill period that will end at midnight on 24 June 2024.
Reference
- FTS 018183-2024