Award

Floating Offshore Wind Insurance

OFFSHORE RENEWABLE ENERGY CATAPULT

This public procurement record has 2 releases in its history.

Award

14 May 2024 at 14:45

Award Notice
Tender

13 Mar 2024 at 14:31

Tender Notice
Summary of the contracting process

The Offshore Renewable Energy Catapult is seeking consultancy services for the "Floating Offshore Wind Insurance" project. This project aims to assess critical concerns for insurers in insuring FOW projects, with a focus on financial implications, claims frequency, and risk mitigation strategies. The procurement stage is in the "Award" phase with a contract period starting from May 2024 to March 2025. The total contract value is £38,125, with a tender period ending on April 5, 2024.

This tender opportunity presents a chance for insurance consultancy businesses, particularly those experienced in the FOW sector, to engage with the development of commercial-scale FOW projects. With a focus on addressing gaps in insurance coverage and providing viable pathways for insurers, this project creates avenues for business growth in the renewable energy industry, especially for SMEs and VCSEs. The buying organisation, Offshore Renewable Energy Catapult, is committed to advancing the FOW sector with the support of key stakeholders and wider industry to ensure successful project outcomes.

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Notice Information

Notice Title

Floating Offshore Wind Insurance

Notice Description

This project intends to build on previous work completed, which explored project finance and insurance for FOW. This work focused on examining the current views and proposed approach of the insurance community to insuring FOW projects. Findings from the project highlighted areas of critical significance to insurers which this project can utilise in helping to determine the technology options and specific key risks to consider. The project will consider representative sites based on planned developments of both early small scale and future large-scale FOW. As seen in fixed-bottom, lessons learned and data shared from earlier small-scale FOW projects will help to influence insurers' approach to later large scale projects. Building on this previous work, this project aims to quantify the financial implications of these key risks. Specifically, to outline the potential frequency of claims, the impact/size of claims and the activities in terms of cost and resources which will be required to resolve them. This project has the opportunity to provide valuable findings to key stakeholders and wider industry to support the development of FOW. By assessing the areas of critical concern for insurers and identifying ways to mitigate and fill these existing gaps in coverage, the project will outline viable pathways to insurability for commercial scale FOW projects.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-506e85bb-8dce-4445-baeb-410c68c03851
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/1858c9cc-2d31-42e3-8c4a-b1234905858d
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66519310 - Insurance consultancy services

Notice Value(s)

Tender Value
£40,000 Under £100K
Lots Value
Not specified
Awards Value
£38,125 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
14 May 20241 years ago
Submission Deadline
5 Apr 2024Expired
Future Notice Date
Not specified
Award Date
9 May 20241 years ago
Contract Period
12 May 2024 - 12 May 2025 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
OFFSHORE RENEWABLE ENERGY CATAPULT
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
GLASGOW
Postcode
G1 1RD
Post Town
Glasgow
Country
Scotland
Major Region (ITL 1)
TLM Scotland
Basic Region (ITL 2)
TLM3 West Central Scotland
Small Region (ITL 3)
TLM32 Glasgow City
Delivery Location
Not specified
Local Authority
Glasgow City
Electoral Ward
Anderston/City/Yorkhill
Westminster Constituency
Glasgow East

Supplier Information

Number of Suppliers
1
Supplier Name

RENEWABLE RISK ADVISERS

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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