Award

Ask AI about this notice

Summarise, research or assess it with AI

View Markdown

Share this notice

Send this contract to a colleague

High Value Commercial Buildings Insurance

London Borough of Sutton

This public procurement record has 3 releases in its history.

Award

06 May 2025 at 13:51

UK7 - Contract Details Notice
Award

07 Apr 2025 at 11:31

UK6 - Contract Award Notice
Award

20 Mar 2025 at 12:19

UK5 - Transparency Notice
Summary of the contracting process

The London Borough of Sutton has awarded a contract for High Value Commercial Buildings Insurance, targeting larger commercial buildings such as shopping centres within the borough, to Chubb European Group Ltd. This procurement falls under the services category with a contract value amounting to £1,741,044 and is scheduled to run from 1 April 2025 to 30 March 2028. Due to a lack of suitable bids during the initial open tender process, the award was made using the Direct Award process under extreme and unavoidable urgency provisions of the Procurement Act 2023. Located in the UK region UKI63, this procurement covers financial and insurance services, reflecting the challenging market conditions in the public sector insurance domain.

This contract presents substantial business growth opportunities for firms capable of providing specialised insurance services tailored to meet the needs of large-scale commercial properties. Businesses with expertise in providing comprehensive insurance solutions and those with experience in handling complex public sector contracts would be well-suited to engage in this area. The direct award route highlights the urgency and necessity of securing insurance cover, inviting businesses with a robust capacity to offer competitive and diverse insurance options as potential future collaborators with similar demands across other boroughs or public sectors.

How relevant is this notice?

Notice Information

Notice Title

High Value Commercial Buildings Insurance

Notice Description

The services contract is for high value commercial buildings insurance to provide full reinstatement cover for larger commercial buildings in borough such as shopping centres and other commercial buildings at a competitive premium. The council ran an open tender process which illustrated that the public sector insurance market does not currently have the appetite or capacity to provide full reinstatement cover for larger commercial buildings. The Contract is being awarded using the Direct Award (Urgency) process in accordance with Section 41 and Schedule 5 (Direct Award Justifications, (13 and 14)) of the Procurement Act 2023

Procurement Information

The services contract is for high value commercial buildings insurance to provide full reinstatement cover for larger commercial buildings in borough such as shopping centres and other commercial buildings at a competitive premium. The Contract is being awarded using the Direct Award (Urgency) process in accordance with Section 41 and Schedule 5 (Direct Award Justifications, (13 and 14)) of the Procurement Act 2023 13 Where- (a)the goods, services or works to be supplied under the public contract are strictly necessary for reasons of extreme and unavoidable urgency, and (b)as a result the public contract cannot be awarded on the basis of a competitive tendering procedure. 14 For the purpose of paragraph 13, urgency is unavoidable if it- (a)is not attributable to any act or omission of the contracting authority, and (b)could not have been foreseen by the contracting authority. The value of the contract is PS1,741,044 . It is essential that high value commercial buildings insurance is in place to provide full reinstatement cover for larger commercial buildings in borough such as shopping centres and other commercial buildings at a competitive premium. The council ran an open tender process which began on 7 October 2024 with publication of an FTS notice. No suitable bids were received for Lot 2 Commercial Property Insurance for the London Borough of Sutton, which illustrated that the public sector insurance market does not currently have the appetite or capacity to provide full reinstatement cover for larger commercial buildings.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-h6vhtk-04efa3
Publication Source
Find A Tender Service
Latest Notice
https://www.find-tender.service.gov.uk/Notice/019103-2025
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
UK7 - Contract Details Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Direct
Procurement Method Details
Direct award
Tender Suitability
Not specified
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66000000 - Financial and insurance services

Notice Value(s)

Tender Value
Not specified
Lots Value
Not specified
Awards Value
£1,741,044 £1M-£10M
Contracts Value
£1,741,044 £1M-£10M

Notice Dates

Publication Date
6 May 20251 years ago
Submission Deadline
Not specified
Future Notice Date
Not specified
Award Date
18 Mar 20251 years ago
Contract Period
1 Apr 2025 - 30 Mar 2028 2-3 years
Recurrence
Not specified

Notice Status

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

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
London Borough of Sutton
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SUTTON
Postcode
SM1 1EA
Postcode Area
Sutton
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI6 Outer London - South
Small Region (ITL 3)
TLI63 Merton, Kingston upon Thames and Sutton
Delivery Location
Not specified
Local Authority
Sutton
Electoral Ward
Sutton Central
Westminster Constituency
Sutton and Cheam

Supplier Information

Number of Suppliers
1
Supplier Name

CHUBB EUROPEAN GROUP LTD

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

JSON Markdown

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.

Loading OCDS record...