Decision details
Renewal of Insurance Contracts
Decision Maker: Acting Chief Executive (barbara.childs@horsham.gov.uk)
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Decision:
i) To approve the renewal of the following insurance contracts for the following premiums for the period 1 April 2024 to 31 March 2025 together with any expenditure associated with renewing the contracts:
Insurer A |
Commercial Property |
£112,829.41 |
Insurer A |
General Property |
£33,604.78 |
Insurer B |
Terrorism |
£10,800.00 |
ii) To agree the auto-renewal of the following insurance contracts commencing on 1 April 2024 for which quotes are awaited, and, iii) following receipt of the quotes, to approve the renewal of the insurance contracts provided that the contract terms and the premiums are substantially the same as in the year to 31 March 2024, save for an acceptable market increase to the premiums.
Insurer C |
Local Authority Combined Policy |
To be confirmed (was £321,219.65 in year to 31 March 2024) |
Insurer C |
Fidelity Guarantee |
To be confirmed (was £6,501.60 in year to 31 March 2024) |
Insurer C |
Engineering Inspection |
To be confirmed (was £28,519.61 including VAT in year to 31 March 2024) |
Insurer C |
Loss of Revenue |
To be confirmed (was £3,343.78 in year to 31 March 2024) |
Reasons for the decision:
The insurance contracts are due to expire at midnight on 31 March 2024. The Council cannot be uninsured for any length of time and there is insufficient time for the Cabinet and/or the Cabinet Member for Finance and Resources to make the decision, due to the need for there to be five working days’ notice between i) the publication and ii) the implementation of the decision.
Alternative options considered:
The alternative options considered but rejected are:
i) For the Cabinet and/or Cabinet Member for Finance and Resources to make the decision. This is not possible due to the reason outlined above.
ii) Not to make the decision. This is not appropriate due to the need for the Council to be insured at all times.
Interests and Nature of Interests Declared:
None
Urgent item?: Yes
Publication date: 28/03/2024
Date of decision: 28/03/2024
Accompanying Documents: