URL: https://democracy.croydon.gov.uk/ieDecisionDetails.aspx?ID=2703

Decision Maker: Cabinet Member for Finance

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Purpose: The Council is approaching the end of an existing long-term agreement with our current insurers for the Council’s corporate property, terrorism and casualty (liability) insurances and therefore we need to re-procure.   Draft Recommendation: This is recommended to be done by way of a full marketing and retender exercise to identify the most advantageous tender to protect the financial position of the Council.

Content: The Council is approaching the end of an existing long-term agreement with our current insurers for the Council’s corporate property, terrorism and casualty (liability) insurances and therefore we need to re-procure.   Draft Recommendation: This is recommended to be done by way of a full marketing and retender exercise to identify the most advantageous tender to protect the financial position of the Council. For the reasons set out in the report the Cabinet Member for Finance RESOLVED to:   a.    agree the strategy set out in this report which will lead to the procurement of a contract for corporate property and liability and terrorism insurances for a period of 5 years with an estimated value for Croydon of £5M including IPT and an overall estimated value across boroughs of £35M ; and   b.    note that the report also incorporates the proposed route to market which has been approved by the Chair of Strategic Contracts Board   The insurance contracts with our current suppliers expire on 31 March 2027. There is no further option to extend the contracts.  The performance of the insurers has been of a good standard and the cover is still required.   Of the options available, the preferred option is to reprocure through a full open market tender in conjunction with the other 6 members of the ILC, which bring a number of benefits. Under the terms of the Section 101 agreement and governance arrangements of the ILC it is the ILC Board which is made up of representatives from the seven boroughs who determine the overall scope of the exercise and approach including the fundamentals such as price/quality split (rather than it being determined by the individual boroughs). This is to achieve what is considered to be collectively acceptable to the membership.   Full option details are outlined in the report upon request or online.

Date of Decision: April 2, 2026