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Council Insurance Premiums

Isle of Wight Council

This public procurement record has 2 releases in its history.

Award

25 Jun 2024 at 11:08

Award Notice
Award

12 Jun 2024 at 13:40

Award Notice
Summary of the contracting process

The Isle of Wight Council completed a procurement process for Council Insurance Premiums from 1 April 2023 to 31 March 2025. The procurement was conducted using a limited procurement method without prior publication of a call for competition. The council signed contracts with multiple suppliers, including Travelers UK, QBE, Navigators and General, and Allianz, for varying amounts, totalling GBP 1,506,435.55. The procurement covered by the Government Procurement Agreement (GPA) resulted in multiple active awards, with a 10-day standstill period observed until midnight on 24 June 2024.

This tender for Council Insurance Premiums presents business growth opportunities for insurance service providers and related Financial and insurance services firms. Companies with expertise in insurance services and a track record in delivering premium coverage can be well-suited to compete in such tenders. The procurement stage involved awarding multiple active contracts to suppliers, indicating a competitive market for insurance service providers. Businesses looking to expand their portfolio in insurance services can leverage this tender to establish partnerships with the Isle of Wight Council and potentially grow their revenue streams.

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Notice Information

Notice Title

Council Insurance Premiums

Notice Description

Council Insurance Premiums from 1 April 2023 until 31 March 2025 (2 year's premiums).

Lot Information

Lot 1

Council Insurance Premiums from 1 April 2023 until 31 March 2025 (2 year's premiums). The value paid for premiums in 2023/24 was PS751723.08 and the value of the premiums for 2024/25 is PS805712.47.

Procurement Information

The Authority has a long term agreement with the supplier that should have been in place until 31/03/2025 however due to miscommunications that contract did not include the 2 year extension agreement. This only came to light after the contract had ended last year so we were unable to modify it before it expired. The value paid for premiums in 2023/24 was PS751723.08 and the value of the premiums for 2024/25 is PS805712.47. It should be noted that premiums are paid via our Broker - Marsh Ltd. A VEAT was published and the Authority observed a 10 day standstill period that ended at midnight on 24 June 2024.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-046f6a
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/019393-2024
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Limited
Procurement Method Details
Award procedure without prior publication of a call for competition
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66510000 - Insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
Not specified
Contracts Value
£1,557,434 £1M-£10M

Notice Dates

Publication Date
25 Jun 20242 years ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
5 Jun 20242 years ago
Contract Period
Not specified - Not specified
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Cancelled
Awards Status
Active
Contracts Status
Active

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
Isle of Wight Council
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
NEWPORT
Postcode
PO30 1UD
Postcode Area
Portsmouth
Country
England
Major Region (ITL 1)
TLJ South East (England)
Basic Region (ITL 2)
TLJ3 Hampshire and Isle of Wight
Small Region (ITL 3)
TLJ34 Isle of Wight
Delivery Location
TLJ34 Isle of Wight
Local Authority
Isle of Wight
Electoral Ward
Newport Central
Westminster Constituency
Isle of Wight West

Supplier Information

Number of Suppliers
4
Supplier Names

Allianz

Navigators and General

QBE

Travelers UK

Further Information

Notice URLs

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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