Tender

Provision of Insurance Services in respect of Leasehold Properties and Equity Share / Mortgaged Properties (excluding the provision of insurance broking services) 2021

READING BOROUGH COUNCIL

This public procurement record has 2 releases in its history.

Tender

25 Nov 2021 at 11:41

TenderUpdate

25 Nov 2021 at 11:41

Summary of the contracting process

The Reading Borough Council is currently conducting an open tender for the provision of insurance services related to leasehold properties and equity share/mortgaged properties, with a total estimated value of £185,000. The procurement process, facilitated by Marsh, the Council's retained insurance broker, aims to secure Damage to Buildings, Loss of Rent, and Property Owners Liability insurance coverage, with coverage expected to commence on 1st April 2022. Suppliers interested in participating must express their interest by 9th December 2021, as the submission method is written and bids will be opened on 10th December 2021 at the Council's offices in Reading, UK. The initiative provides a significant opportunity in the property insurance services industry, falling under the CPV classification 66515200.

This tender presents a valuable opportunity for insurance firms, particularly those specialised in property insurance, to engage with the local authority and contribute to a crucial service that protects both the Council's and Leaseholders' interests. Businesses that hold FCA registration and have experience in managing property insurance contracts would be well suited to compete in this process. By participating, these firms can not only secure a contract that potentially includes renewal provisions but also build a long-term relationship with Reading Borough Council, thereby enhancing their market presence in local public procurement.

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Notice Title

Provision of Insurance Services in respect of Leasehold Properties and Equity Share / Mortgaged Properties (excluding the provision of insurance broking services) 2021

Notice Description

Reading Borough Council are completing an Invitation to Tender exercise (managed by Marsh., the Contracting Authority's retained Insurance Broker and Risk Advisor) for the provision of Right to Buy and Leasehold Properties Insurance. The Council is procuring Damage to Buildings, Loss of Rent and Property Owners Liability insurance cover to protect the Council's and Leaseholders' interest in the properties owned by the Council.Suppliers that would like to take part in this process are invited to Express Interest upon which they will be given access to the full documentation delivered through this portal. Documents can be accessed from the My Tenders area of this website by selecting the View Details button for the project.Expressions of interest will only be accepted until 20th November 2021.Any questions relating to this opportunity should be made via the correspondence link on this portal.

Lot Information

Lot 1

The Contracting Authority invites bids for the provision of its property insurance in respect of private dwellings sold on a leasehold basis, the majority of these were under the Right To Buy (RTB) legislation. The current Long Term Agreement expires on 31st March 2022. The dwellings are flats in blocks and flats in houses (maisonettes) where the Contracting Authority still retain the freehold ownership and in some case the leases may state that the Contracting Authority, as the Freeholder, will arrange the buildings insurance on behalf of the Leaseholder and recharge the premium as part of the Service Charge. Other flats in some blocks have not been sold (RBC tenanted) and are separately insured so insurance cover for these flats are not required. In addition, there are 4 Shared Ownership Houses (5 Dee Road, 8 Dover Street, 57 Field Road, 12 Norwich Drive) which have different leases. There are 9 Shared Ownership Houses (in Field Rd & Garnet Hill). These are identified on the schedule. 17 detached garages that are leased to RTB leaseholders are included in the schedule. There are no freehold properties.The Insurer must be registered with the Financial Conduct Authority (FCA) regulates how these firms behave, as well as more broadly the integrity of the UK's financial marketsCover is expected to commence at 00.01am on the 1st April 2022 in the name of: Reading Borough Council (including Leaseholders and Mortgagors for their respective interests)

Renewal: 1 renewal available in the form of an extension for 24 months beyond the initial 60 month term.

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-02eeb5
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/026440-2021
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
Tender Suitability
Not specified
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services


CPV Codes

66515200 - Property insurance services

Notice Value(s)

Tender Value
£185,000 £100K-£500K
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
Not specified

Notice Dates

Publication Date
25 Nov 20214 years ago
Submission Deadline
20 Nov 2021Expired
Future Notice Date
Not specified
Award Date
Not specified
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

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

Contracting Authority (Buyer)

Main Buyer
READING BOROUGH COUNCIL
Contact Name
Derek Crisp
Contact Email
pchub@reading.gov.uk
Contact Phone
Not specified

Buyer Location

Locality
READING
Postcode
RG1 2LU
Post Town
Reading
Country
England

Major Region (ITL 1)
TLJ South East (England)
Basic Region (ITL 2)
TLJ1 Berkshire, Buckinghamshire and Oxfordshire
Small Region (ITL 3)
TLJ16 Berkshire West
Delivery Location
TLJ11 Berkshire

Local Authority
Reading
Electoral Ward
Abbey
Westminster Constituency
Reading Central

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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