Award

Council Insurance Premiums

ISLE OF WIGHT COUNCIL

This public procurement record has 1 release in its history.

Award

25 Jun 2024 at 10:18

Award Notice
Summary of the contracting process

The Isle of Wight Council has awarded a contract for Council Insurance Premiums. The procurement stage was an Award of contract without prior publication of a contract notice. The contract period is from 1 April 2024 to 31 March 2025, with a total value of £1,458,825. The procurement method was limited, and the tender period ended on 30 March 2024. The location is specified as the South East region in the United Kingdom, and the industry category is insurance services.

This tender for Council Insurance Premiums provides business growth opportunities for insurance service providers. Businesses in the insurance industry, particularly companies with experience in providing premium services, are well-suited to compete for this contract. The contract duration of two years offers stability and potential for revenue growth for successful bidders.

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Notice Information

Notice Title

Council Insurance Premiums

Notice Description

Council Insurance Premiums from 1 April 2023 until 31 March 2025 (2 year's premiums). The value paid for premiums in 2023/24 was PS751723.08 and the value of the premiums for 2024/25 is PS805712.47. The Authority has a long term agreement with the supplier that should have been in place until 31/03/2025 however due to miscommunications that contract did not include the 2 year extension agreement. This only came to light after the contract had ended last year so we were unable to modify it before it expired. The value paid for premiums in 2023/24 was PS751723.08 and the value of the premiums for 2024/25 is PS805712.47. It should be noted that premiums are paid via our Broker - Marsh Ltd. A VEAT was published (2024/S 000-018183) and the Authority observed a 10 day standstill period that ended at midnight on 24 June 2024. Additional information: Any values given cover the period 01/04/2023 to 31/03/2025.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-939dc65e-c54a-4cfb-ad13-447c072e2272
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/0ee5d48c-497e-4118-8b5c-6e400cc09ec8
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Limited
Procurement Method Details
Award of contract without prior publication of a contract notice
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66510000 - Insurance services

Notice Value(s)

Tender Value
£1,458,825 £1M-£10M
Lots Value
Not specified
Awards Value
£1,458,825 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
25 Jun 20241 years ago
Submission Deadline
30 Mar 2024Expired
Future Notice Date
Not specified
Award Date
31 Mar 20241 years ago
Contract Period
31 Mar 2024 - 31 Mar 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
ISLE OF WIGHT COUNCIL
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWPORT
Postcode
PO30 1UD
Post Town
Portsmouth
Country
England
Major Region (ITL 1)
TLJ South East (England)
Basic Region (ITL 2)
TLJ3 Hampshire and Isle of Wight
Small Region (ITL 3)
TLJ34 Isle of Wight
Delivery Location
TLJ South East (England)
Local Authority
Isle of Wight
Electoral Ward
Newport Central
Westminster Constituency
Isle of Wight West

Supplier Information

Number of Suppliers
4
Supplier Names

ALLIANZ

NAVIGATORS AND GENERAL

QBE

TRAVELERS

Further Information

Notice Documents

Notice URLs

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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