The Cabinet Member for Housing presented a report on the outcome of the retendering of the contract to provide Leasehold Buildings Insurance Cover.
The Cabinet Member advised that there had been very limited interest from the insurance industry in the contract and only one bidder, Zurich Municipal, had met the Council’s specification requirements. The Cabinet Member added that, despite the lack of interest, the new contract represented a better deal for leaseholders and arrangements were in hand to encourage greater involvement of leaseholders and interest from potential bidders for future contracts.
Cabinet agreed:
(i) To award the contract for the provision of Leasehold Buildings Insurance Cover in respect of the Council’s leasehold properties to Zurich Municipal, commencing 29 September 2012, on the terms detailed in the report; and
(ii) To authorise to the Corporate Director of Finance and Resources, in consultation with the Corporate Director of Housing and Environment and following procurement and legal advice, to exercise any contract extension options deemed to be in the best interests of the Council and leaseholders.