Decision details

Authority to Procure Liability and Property Insurance for the Council

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Cabinet is requested to:

 

1.     Grant approval to procure liability and property insurance for the Council.

 

2.     Delegate authority to the Corporate Director of Resources, following consultation with the Portfolio Holder for Finance and Resources, to award the contract(s) for liability and property insurance for the Council.

Decisions:

RESOLVED:  That

 

(1)            approval to procure liability, property and terrorism insurance for the Council, be granted.

 

(2)            the Corporate Director of Resources, following consultation with the Portfolio Holder for Finance and Resources, be authorised to award the contracts for liability, property and terrorism insurance.

 

Reason for Decision:  Harrow was committed to the procurement of its major external insurance contracts through the Insurance London Consortium under the terms of an agreement under section 101 of the Local Government Act 1972 (the ‘Section 101 Agreement’) signed by the Leader of the Council and effective since 2010.

 

The decision to insure was driven by the need to protect the financial position and stability of the authority by providing financial protection against catastrophic losses, which was achieved through insurance risk transfer.

 

The long-term agreement with the current insurers for the Council’s corporate property, liability and terrorism insurances expires on 31 March 2022, therefore it would be necessary to re-tender these contracts.

 

Alternative Options Considered and Rejected:  As set out in the report.

 

Conflict of Interest relating to the matter declared by Cabinet Member/Dispensation Granted:  None.

 

 

Report author: Strategic Director of Finance

Publication date: 24/09/2021

Date of decision: 23/09/2021

Decided at meeting: 23/09/2021 - Cabinet

Effective from: 02/10/2021

Accompanying Documents: