Issue - meetings

Report of the Executive Director (Finance and Transformation) on the award of the Leaseholder Insurance Contract.

Cabinet agreed to delegate the decision to award the contract for the provision of leasehold properties’ buildings insurance to Executive Member (Planning and Resources) in consultation with the Executive Director (Finance and Transformation).

The report requests delegated authority to award the contract for the provision of leasehold buildings insurance.

(1)  The Decision Taken

RESOLVED:

(unanimous)

Cabinet agreed to delegate the decision to award the contract for the provision of leasehold properties’ buildings insurance to Executive Member (Planning and Resources) in consultation with the Executive Director (Finance and Transformation).

(2)  Reasons for the Decision

The council was notified that the current provider will be withdrawing from the leasehold property insurance market and therefore our policy cannot be renewed when it expires in June. An alternative provider is being sought by the managing general agent. As another long-term agreement will be sought, the value of the contract is likely to exceed £1m.  A Cabinet decision would be required for the award of a contract of this value, but the timescales involved in the process will not allow for the matter to be brought to a scheduled meeting in time for a new long-term agreement to be put into place when the current arrangement expires.