URL: https://cds.bromley.gov.uk/ieDecisionDetails.aspx?ID=11228

Decision Maker: Executive

Outcome:

Is Key Decision?: Yes

Is Callable In?: No

Purpose:

Content:   Report FSD26028   The Council’s current policies for insurance cover were due to expire on 30th April 2027.  The report sought approval to tender for these insurance policies for a period of five years, with an option to extend for a further period of three years.  The total value of the policies over the eight year period was estimated to be approximately £10.7m.  This estimate was based on the current annual cost, plus an allowance for 3% inflation increase each year.  However, the premium cost was difficult to estimate accurately as it was dependent on the variable insurance market, Council claim experience and changing insurance requirements (e.g. addition/removal of Council properties/vehicles).  Insurers would not provide terms (including costs) until they had received the Council’s Invitation to Tender which would be drafted by the Council’s insurance broker Marsh Ltd.   The report had been scrutinised by the Executive, Resources and Contract  PDS Committee at its meeting on 22 June 2026 and the Committee supported the proposals.   RESOLVED: That:   1.  The re-tender of the Council insurance policies for new policies to commence on 1st May 2027 be approved;   2.  The contract length of five years with the option to extend for a further period of three years be approved.  The estimated annual value was £1.2m and the estimated whole life value was £10.7m; and,   3.  A decision on appropriate excess and stop loss levels be delegated to the Director of Finance, in consultation with the Portfolio Holder.

Date of Decision: June 24, 2026