Decision details

Leasehold Building Insurance Contract

Decision Maker: Deputy Leader of the Council (Investment and Partnerships)

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Lambeth are members of the Insurance London Consortium (ILC). In 2012 the ILC published a notice in OJEU for a 60 month Leasehold Building Insurance contract. Lambeth entered into a contract for 48 months and it is now proposed that the Council remains in contract for the additional 12 months.


Lambeth leaseholders will be brought back into line with the other Insurance London Consortium ILC members enabling another full joint procurement exercise to be run for the benefit of Lambeth leaseholders for a contract start date of 01/04/2018.
ILC acquired the best terms offered for Lambeth at the time which was sufficient at 48 months. Insurers (NIG) are now offering the full 60 months as originally requested at expiring rates which is more financially advantageous for our leaseholders.

Decision:

(1)          To approve a waiver to contract standing order 17.0 to extend the contract with Acumus/NIG in respect of Leasehold Building Insurance for the remaining 12 months.

 

(2)          To approve an extension to the existing contract with Acumus/NIG for an annual premium of £2,947,604 from the period 1st April 2017 to 31st March 2018.

 

Publication date: 01/11/2016

Date of decision: 09/11/2016

Effective from: 17/11/2016

Accompanying Documents: