Award

Tenants Contents Insurance Scheme for the London Borough of Hillingdon

LONDON BOROUGH OF HILLINGDON

This public procurement record has 1 release in its history.

Award

05 Apr 2018 at 13:34

Award Notice
Summary of the contracting process

The London Borough of Hillingdon is conducting a procurement process for its Tenants Contents Insurance Scheme, seeking to appoint a sole supplier for a contract valued at approximately £320,000 over five years. This contract will commence on 1st April 2018, following the expiry of the current contract on 31st March 2018, and includes an option for a two-year extension. The procurement is currently in the Award stage, with the winning bid awarded to Thistle Insurance Services Ltd on 4th April 2018. The insurance services will specifically cater to financially excluded tenants in London, ensuring access to essential content insurance.

This tender presents a significant opportunity for businesses specialising in insurance services, particularly those offering products tailored for low-income households. Companies capable of providing inclusive insurance schemes with minimal entry barriers will be well-suited to compete in this market. The unique payment structure allowing weekly premiums collected with rent can appeal to providers looking to innovate within the insurance sector while engaging with local government contracts to expand their client base.

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Notice Information

Notice Title

Tenants Contents Insurance Scheme for the London Borough of Hillingdon

Notice Description

The London Borough of Hillingdon (the Council) is seeking to appoint a sole supplier for the provision of its Tenants Contents Insurance Scheme. The proposed new contract will be for 3 years, from 1st April 2018 with the option to extend for a further 2 years beyond the initial contact term. The current contract expires on 31st March 2018. The Tenants Contents Scheme is an insurance product for Hillingdon's tenants who find themselves financially excluded from the mainstream home contents insurance market. Currently 812 tenants buy into the Tenants Contents Insurance Scheme, which is just under a 10% take-up rate. The scheme is not intended to rival individual contents policies offered by mainstream insurance providers and unlike these standard contents insurance policies, the Tenants Contents Insurance Scheme has minimal entry criteria, to ensure the scheme is as inclusive as is reasonably possible. The Tenants Contents Insurance Scheme has two significant features. The first is that, unlike mainstream policies which charge by monthly direct debt or an annual premium,tenants purchasing insurance through the Tenants Contents Scheme pay a weekly premium which is collected with the tenant's rent. Secondly, it offers tenants the ability to purchase cover for smaller sums insured than mainstream policies, with sums insured on the Tenants Contents Scheme starting as low as PS5,000. The majority of mainstream policies provide minimum sums insured that exceed the requirements for these low income households. The value of this contract is estimated at PS320k based on the premiums over a 5 year period. Additional information: The full suite of tender documents can be found the tender portal, www.capitalesourcing.com

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-fdf95625-4a97-4289-9698-a2a5ddc6a465
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/4acf3aa2-b9a3-49ce-b997-e6a482b745fe
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
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
£320,000 £100K-£500K
Lots Value
Not specified
Awards Value
£209,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
5 Apr 20187 years ago
Submission Deadline
10 Jan 2018Expired
Future Notice Date
Not specified
Award Date
3 Apr 20187 years ago
Contract Period
31 Mar 2018 - 31 Mar 2021 3-4 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
LONDON BOROUGH OF HILLINGDON
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
UXBRIDGE
Postcode
UB8 1UW
Post Town
Southall
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI7 Outer London - West and North West
Small Region (ITL 3)
TLI74 Harrow and Hillingdon
Delivery Location
TLI London
Local Authority
Hillingdon
Electoral Ward
Uxbridge
Westminster Constituency
Uxbridge and South Ruislip

Supplier Information

Number of Suppliers
1
Supplier Name

THISTLE INSURANCE SERVICES

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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