Award

Note Storage Insurance 2024

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Award

01 Oct 2024 at 09:39

Award Notice
Summary of the contracting process

The Bank of England has awarded a contract for "Note Storage Insurance 2024" under the industry category of insurance services (CPV code 66510000). This contract, identified by CON/1001352, was procured through a single tender action below the threshold and is aimed at providing insurance services within the United Kingdom. The procurement process is complete, with the award date recorded as 1 March 2024. The contract period will run from 1 May 2024 to 30 April 2026, carrying a total value of £160,000. The procurement stage at the time of summarisation is 'Award', with key deadlines having passed, including a tender period that ended on 29 February 2024.

This tender offers substantial opportunities for businesses specialising in insurance services, particularly those qualified to provide competitive and comprehensive insurance solutions for high-value note storage. Small and medium-sized enterprises (SMEs) are especially well-suited to compete in such tenders due to the tailored requirements and smaller scope compared to larger international tenders. Leveraging this contract could enhance business portfolios for insurance providers like Willis Towers Watson UK Holdings Limited, the awarded supplier, by securing long-term, high-profile contracts with reputable institutions such as the Bank of England.

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Notice Information

Notice Title

Note Storage Insurance 2024

Notice Description

Note Storage Insurance 2024.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-abb8de94-bb0c-4633-9c68-e7b2c837d072
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/995b7dc5-0f9c-477c-b106-3516e6d07b01
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Direct
Procurement Method Details
Single tender action (below threshold)
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66510000 - Insurance services

Notice Value(s)

Tender Value
£160,000 £100K-£500K
Lots Value
Not specified
Awards Value
£160,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
1 Oct 20241 years ago
Submission Deadline
29 Feb 2024Expired
Future Notice Date
Not specified
Award Date
1 Mar 20241 years ago
Contract Period
30 Apr 2024 - 30 Apr 2026 1-2 years
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
BANK OF ENGLAND
Contact Name
Not specified
Contact Email
corporate.contracts@bankofengland.co.uk
Contact Phone
Not specified

Buyer Location

Locality
LONDON
Postcode
EC2R 8AH
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

WILLIS TOWERS WATSON UK HOLDINGS

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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