High Value Commercial Buildings Insurance

The services contract is for high value commercial buildings insurance to provide full reinstatement cover for larger commercial buildings in borough such as shopping centres and other commercial buildings at a competitive premium. The council ran an open tender process which illustrated that the public sector insurance market does not currently have the appetite or capacity to provide full reinstatement cover for larger commercial buildings. The Contract is being awarded using the Direct Award (Urgency) process in accordance with Section 41 and Schedule 5 (Direct Award Justifications, (13 and 14)) of the Procurement Act 2023