That the Director of Pride in Place be given delegated authority to enter into a contract with the preferred bidder that provides the most suitable terms and conditions of insurance.

Insuring the Council’s Investment Properties ensures that the Council is protected from material damage to the properties, loss of rental income, Landlord’s Legal Liability and to ensure the money borrowed to purchase such properties is not adversely affected by an insurable event should something happen that could result in loss of property/income to cover the borrowing.

An alternative option would be to not award to the preferred supplier.  The Council would have a significant investment property portfolio uninsured which would fiscally be very damaging.

This decision will come into force and may be implemented on 4 December 2023 unless the call-in procedure is triggered (as set out in the Standing Orders in relation to Overview and Scrutiny).

The Cabinet’s approval was sought to delegate approval to award the contract for the purchase of insurance premiums to provide the most appropriate, cost effective sustainable insurance cover to protect the Council’s financial risk exposure (material damage and legal liability) for the Investment Property Portfolio.  The terms of the insurance premium were still being negotiated hence the request for Cabinet to delegate authority to the Director of Corporate Services to award the contract to the preferred insurance supplier.

At the meeting Councillor Chris Lewis proposed and Councillor Tyerman seconded a motion that was agreed unanimously by the Cabinet, as set out above.

None.