Report of the Director of Finance and Assurance.
(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.