Commercial Property Insurance Renewal
The Committee is asked to:
1. Approve Option 1, being the award of the Commercial Real Estate Insurance Contract for a period of 1 year from 26 September 2024 as a combined policy with Zurich and Everest at a cost of £794,529 (including insurance property tax (IPT),
2. Approve the award of the Engineering Insurance Policy and the Engineering Inspection Policy to Zurich for a period of 1 year from 26 September 2024 at a cost of £25,300 (including IPT); and
3. Authorise the Group Head of Assets to enter into any necessary documentation relating to the selected insurance policies.
Decision:
Committee resolved to agree the recommendations as outlined in the confidential report:
1. Approve Option 1 in the report being the award of the Commercial Real Estate Insurance Contract for the period of 1 year from 26 September 2024 to the suppliers outlined in the report,
2. Approve the award of the engineering Insurance Policy and the Engineering Inspection Policy to the supplier outlined in the report; and
3. Authorise the Group Head of Assets to enter into any necessary documentation relating to the selected insurance policies.
Minutes:
The Committee considered a report that sought approval for the award of the Commercial Real Estate Insurance Contract, the Engineering Insurance Policy and Engineering Inspection Policy.
The Committee resolved to agree the recommendations as outlined in the exempt report.