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Property Insurance Policy for Unit 3.2 only of Lancashire Business Park (LCDL)

Lancashire County Council

This public procurement record has 1 release in its history.

Award

06 Mar 2025 at 14:30

Award Notice
Summary of the contracting process

Lancashire County Council has successfully completed the procurement process for a property insurance policy for Unit 3.2 of Lancashire Business Park (LCDL) under contract ID RG/CORP/LCC/24/271. This project falls under the industry category of insurance services. The procurement was necessary due to the lack of suitable tenders received in response to the open procedure, leading to direct market engagement by the broker to secure the policy. The awarded contract, valued at £1,200,000, was signed on 13th January 2025, and covers a period of up to four years through a Long Term Agreement (LTA). The insurance coverage has been provided by multiple suppliers, including AXA XL Insurance Company, Lloyds of London syndicates, Tokio Marine, Probitas 1492, Legal & Contingency, and Munich Re, ensuring a shared risk model across the providers.

This tender provides significant opportunities for businesses involved in the insurance sector, particularly those specialising in property insurance and risk management. The insurance coverage requires collaboration and risk-sharing among large insurance firms, highlighting the potential for growth through strategic partnerships and comprehensive service offerings. Companies with expertise in structured insurance policies and those capable of responding to stringent compliance standards are well-suited to compete and thrive in such procurement processes. The involvement of multiple renowned suppliers also underscores the importance of maintaining strong industry connections and networks to secure similar high-value contracts in the future.

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Notice Information

Notice Title

Property Insurance Policy for Unit 3.2 only of Lancashire Business Park (LCDL)

Notice Description

An insurance policy for Property Unit 3.2 of Lancashire Business Park (LCDL) is being placed via an award without competition, following a compliant tender process with no bids received. The broker approached the market to secure a policy directly. The contract is to be for a period of up to 4 years through the establishment of a Long Term Agreement (LTA) commencing on 13th January 2025.

Lot Information

Lot 1

An insurance policy for Property Unit 3.2 of Lancashire Business Park (LCDL) is being placed via an award without competition, following a compliant tender process with no bids received. The broker approached the market to secure a policy directly. The contract is to be for a period of up to 4 years through the establishment of a Long Term Agreement (LTA) commencing on 13th January 2025.

Procurement Information

No tenders were received in relation to the publish over threshold open procurement process. Contract Notice reference: 2024/S 000-034213 Award Notice (non award) reference: 2025/S 000-008203 The Broker approached the market via the Lloyds of London marketplace to secure coverage following the failed procurement process. Coverage was found through splitting the single policy across multiple providers who will share the risk on agreed percentages.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-04ea25
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/008217-2025
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
£1,200,000 £1M-£10M

Notice Dates

Publication Date
6 Mar 20251 years ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
13 Jan 20251 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
Lancashire County 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
PRESTON
Postcode
PR1 0LD
Postcode Area
Preston
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD4 Lancashire
Small Region (ITL 3)
TLD45 Mid Lancashire
Delivery Location
TLD4 Lancashire
Local Authority
Preston
Electoral Ward
City Centre
Westminster Constituency
Preston

Supplier Information

Number of Suppliers
7
Supplier Names

AXA XL Insurance Company

Legal & Contingency

Lloyds of London (Syndicate 2015)

Lloyds of London (Syndicate 623)

Munich Re

Probitas 1492

Tokio Marine & Nichido Fire Insurance Co

Further Information

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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