Issue - meetings

Report of the Executive Director (Resources, Environment and Cultural Services) on the approval of renewal terms for Council insurance policies.

Report of the Executive Director (Resources, Environment and Cultural Services) on the approval of renewal terms for Council insurance policies.

(1)        The Decision Taken

RESOLVED:

(1)       That the Executive Director (Resources, Environment and Cultural Services), in consultation with the Executive Member (Resources), be given delegated authority to approve the renewal of insurance policies, with the outcome reported to the September 2018 Cabinet meeting.

(2)       That the authority remain in force until the expiry of the long term agreements which ended in June 2019 for the leasehold properties policy and 2020 for all others.

(2)        Reasons for the Decision

The majority of the Council’s insurance policies were tendered in 2015 and long term agreements entered into with the successful bidders. The leasehold property policy was tendered separately in 2014. Renewal of all policies with existing insurers would therefore be sought in accordance with these agreements, however as in previous years, terms were unable to be presented to the Cabinet in view of the need for an expeditious response outside of timetabled meetings.

It was highlighted that in light of the Grenfell Tower tragedy last year, the Council had increased the public liability indemnity limit from £20M to £50M and would ask for quotes to maintain the same £50M limit as last year as well as seeking prices for cyber risk cover in response to the increasing number of highly publicised security breaches and incidents involving ransomware in other parts of the public sector.