URL: https://moderngov.southwark.gov.uk/ieDecisionDetails.aspx?ID=8564

Decision Maker: Strategic Director of Resources

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: Approval of contract extension of the Leasehold and Ancillary Properties Buildings Insurance contract to Protector Insurance (Protector) for a period of 1 year from 1 April 2026 to 31 March 2027 at an estimated cost of £10.1m

Content: Approval of contract extension of the Leasehold and Ancillary Properties Buildings Insurance contract to Protector Insurance (Protector) for a period of 1 year from 1 April 2026 to 31 March 2027 at an estimated cost of £10.1m That the Strategic Director of Resources 1.  Approves the extension of the Leasehold and Ancillary Properties Buildings Insurance contract with Protector Insurance PLC for a period of two years from 1 April 2026 to 31 March 2028. The actual cost for 2026/2027 is £10.2 m (including 12% Insurance Premium Tax (IPT)) and a similar amount is estimated for 2027/28. The new estimated total contract value up until 31March 2028 is £49.9m inclusive of IPT. 2.  Notes that an uplift of 3% has been applied to 2026/2027 premiums based on the recommendation from the Building Costs Index (BCIS).  

Date of Decision: March 23, 2026