Insurance Buildings and Business Interruption and Assoc Policies

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    "description": "The University gave prior publication of a call for competition in accordance with Regulation 33, however it did not do this via PCS. The prior publication for a call for competition was undertaken through the University's Broker AJ Gallagher, to undertake an open market exercise to source terms. The same process with underwriters was undertaken as it would be for an exercise conducted under Public Contract Regulations. As such this tender was open to all insurance markets, and as such, the University believes that it has met its legal obligation to adequately advertise this contract opportunity. The University chose to use the market knowledge of its broker, AJ Gallagher, and take a more negotiated procedure approach as market knowledge indicated that it was unlikely that any one provider would be able to provide the cover that the University required, which was indeed the case. The resulting contract provides the university with layered cover from several different insurers/underwriters as follows: Lead Insurer AXA XL 30% Aviva 30% Berkshire Hathaway 20% CAN 10% Liberty 15% Under Annex D1 - General procurement, the option of extreme urgency has been selected. There were elements of urgency due to the sudden and unexpected withdrawal of the University's incumbent supplier from the HE sector. (SC Ref:705789)",
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