Award

Provision of Surety Bonds

MINISTRY OF JUSTICE

This public procurement record has 2 releases in its history.

Award

11 May 2023 at 14:21

Tender

26 Sep 2022 at 14:47

Summary of the contracting process

The Ministry of Justice is running a procurement process for the provision of Surety Bonds. This opportunity falls under the "Insurance and pension services" industry category. The tender involves appointing insurance brokers for the management of surety bonds. The tender period ends on October 14, 2022. The contract is valued at £3,110,517 GBP and is set to start on April 1, 2023, with a completion date of March 31, 2028. The Ministry of Justice, located in London, is the buying organisation. The procurement method is an open procedure above the threshold.

This tender for the provision of Surety Bonds by the Ministry of Justice offers opportunities for businesses in the insurance and financial sectors. Small and medium-sized enterprises (SMEs) in particular can benefit from this tender. Interested companies are required to register their details on the esourcing portal to access the tender documents. The contract period extends until March 31, 2030, providing a stable and long-term opportunity for successful bidders to grow their business and establish strong partnerships within the insurance industry.

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Notice Title

Provision of Surety Bonds

Notice Description

To appoint an insurance broker, or brokers who will be responsible and accountable for the administration and management of the provision of surety bonds and for the procurement exercise to select a suitable insurer or insurers for the provision of surety bonds. The Public Guardian (PG) was created under the Mental Capacity Act (2005). The OPG is an executive agency of the Ministry of Justice (MoJ) that supports the PG in discharging his duties. The Mental Capacity Act (2005) makes provisions for ways in which decisions can be made on behalf of people in circumstances where they may be incapable of making such decisions personally. In such cases where the person has property or finances and no attorney in place, it will be necessary to apply the CoP for an appropriate deputyship order. Where the CoP appoints a Deputy, it may require a surety bond to be in place for the protection of the person's property and, or finance. The Surety Bond is a guarantee to pay any financial losses arising from the Deputy's failure to fulfil their agreed duty. The CoP decides the value of the Surety Bond.

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-c9c9ccfc-088b-492a-b2e9-5afd160ea6ac
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/39defcf5-67fd-4934-b454-8ffec4d19391
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 (above threshold)
Tender Suitability
SME
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66500000 - Insurance and pension services

Notice Value(s)

Tender Value
£3,110,517 £1M-£10M
Lots Value
Not specified
Awards Value
£3,110,517 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
11 May 20232 years ago
Submission Deadline
13 Oct 2022Expired
Future Notice Date
Not specified
Award Date
13 Jan 20233 years ago
Contract Period
31 Mar 2023 - 31 Mar 2028 Over 5 years
Recurrence
Not specified

Notice Status

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

Contracting Authority (Buyer)

Main Buyer
MINISTRY OF JUSTICE
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LEEDS
Postcode
LS1 4AP
Post Town
Leeds
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
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
3
Supplier Names

HOWDEN INSURANCE BROKERS

INSYNC INSURANCE SOLUTIONS

MARSH

Open Contracting Data Standard (OCDS)

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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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