U.M. Association Ltd

Concepts

• birmingham
• insurance services
• association
• u.m.
• university
• portfolio value
• insurance premium tax
• further covers
• contribution
• insurance requirements

Location

Birmingham:

Geochart for 1 buyers and 1 suppliers

Birmingham University

Um Association

+−

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Description

This Voluntary Ex-Ante Transparency (VEAT) relates to the annual renewal for part of the University of Birmingham's Insurance provision.

Total Quantity or Scope

This Voluntary Ex-Ante Transparency (VEAT) relates to the annual renewal for part of the University of Birmingham's Insurance provision. The University is proposing to extend their existing contract with UMAL for the provision of this service for a period of one year, with the option to extend for a further one year, whilst a full review of the University estate, Insurance requirements and preparation for the tender process is undertaken. UMAL are the University's current insurance provider and there are several reasons, detailed below, as to why the University is unable to change provider at this time. • A wholesale valuation of the University's Buildings, Property and Contents is required in order to properly demonstrate the value of the Estate; • A review with internal stakeholders is required to properly understand all manner of risks, including Liability, Travel, Research, Financial, and Reputational; • A review with The Executive Group is required to understand the Risk Tolerance of the University; It is essential all of the above is undertaken prior to a Tender process commencing in order for the University to discharge its responsibilities under the Insurance Act 2015 wherein it must disclose all material facts which may affect a prudent insurer's judgment. If the University is found to be non-compliant, cover may be withdrawn or cancelled, and claims may not be paid. UMAL is a Mutual comprising approximately 154 UK universities with the University being one of its first members. The University is also its largest member is terms of contribution and portfolio value. Some of the benefits of being a Member of a Mutual are: an annual Credit Note, Member Loyalty Bonus, and no requirement to pay Insurance Premium Tax at 12% of the value of the contributions (overall £2.5m this year). UMAL currently provides the level of cover required by the University and is also able to arrange further covers should these be required.

Award Detail

CPV Codes

• 66510000 - Insurance services

Legal Justification

This Voluntary Ex-Ante Transparency (VEAT) relates to the annual renewal for part of the University of Birmingham's Insurance provision. The University is proposing to extend their existing contract with UMAL for the provision of this service for a period of one year, with the option to extend for a further one year, whilst a full review of the University estate, Insurance requirements and preparation for the tender process is undertaken. UMAL are the University's current insurance provider and there are several reasons, detailed below, as to why the University is unable to change provider at this time. • A wholesale valuation of the University's Buildings, Property and Contents is required in order to properly demonstrate the value of the Estate; • A review with internal stakeholders is required to properly understand all manner of risks, including Liability, Travel, Research, Financial, and Reputational; • A review with The Executive Group is required to understand the Risk Tolerance of the University; It is essential all of the above is undertaken prior to a Tender process commencing in order for the University to discharge its responsibilities under the Insurance Act 2015 wherein it must disclose all material facts which may affect a prudent insurer's judgment. If the University is found to be non-compliant, cover may be withdrawn or cancelled, and claims may not be paid. UMAL is a Mutual comprising approximately 154 UK universities with the University being one of its first members. The University is also its largest member is terms of contribution and portfolio value. Some of the benefits of being a Member of a Mutual are: an annual Credit Note, Member Loyalty Bonus, and no requirement to pay Insurance Premium Tax at 12% of the value of the contributions (overall £2.5m this year). UMAL currently provides the level of cover required by the University and is also able to arrange further covers should these be required.

Other Information

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