Tender

Insurance Advice in Connection with an IAE Claim

OFGEM

This public procurement record has 1 release in its history.

Tender

18 Sep 2023 at 16:45

Tender Notice
Summary of the contracting process

The procurement process for the contract titled "Insurance Advice in Connection with an IAE Claim" is being conducted by Ofgem, a public sector organisation based in London, England. The contract falls under the financial and insurance services industry category. The procurement stage is currently active, with a deadline for tender submissions set for 18th October 2023. The contract value is £25,000, with a contract period starting on 22nd December 2023 and ending on 21st June 2026.

This tender opportunity for insurance advice presents a chance for businesses in the financial and insurance services sector to provide expert advice to Ofgem. Small and medium-sized enterprises (SMEs) are encouraged to participate in this open procedure below threshold procurement. Businesses with expertise in insurance services and a track record in providing advice related to offshore transmission insurance matters would be well-suited to compete for this contract, which involves addressing crucial questions regarding insurance issues for revenue adjustments.

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Notice Information

Notice Title

Insurance Advice in Connection with an IAE Claim

Notice Description

Ofgem require insurance expertise to provide urgent and crucial advice in respect of matters in connection with the offshore transmission insurance market to be determined in relation to any claim for a revenue adjustment claim (an "IAE claim") from an Offshore Transmission Owner ("OFTO"). To make a determination, Ofgem require expert advice on various questions relating to insurance issues pertinent to making this decision. The questions will focus on whether OFTO could have secured LEG3/06 or equivalent insurance protection (defined later in this section) in the worldwide insurance market. The OFTO Licence provides the OFTO with a revenue stream in respect of the offshore transmission system for up to 25 years. That revenue stream includes mechanisms which adjust the OFTO's revenue for certain 'pass-through' items, under Amended Standard Condition E12-J3: Restriction of Transmission Revenue: Allowed Pass-through Items (the Condition). The IAE is one such revenue adjustment mechanism for costs and expenses that have arisen during the revenue term, for example, due to fault or failure of the system (subject to defined pre-requisites), or at the Authority's discretion. Further information can be found in the attached document 2023-100 ITT.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-f3a299bc-3b9f-44f8-94e4-ab2688f70085
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/0d5ab1fa-2001-42f2-b8f0-a22e1466690a
Current Stage
Tender
All Stages
Tender

Procurement Classification

Notice Type
Tender Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

66510000 - Insurance services

Notice Value(s)

Tender Value
£25,000 Under £100K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
18 Sep 20232 years ago
Submission Deadline
18 Oct 2023Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
22 Dec 2023 - 21 Jun 2026 2-3 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
OFGEM
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E14 4PU
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

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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