Insurance Services - Modification VEAT

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        "title": "Insurance Services - Modification VEAT",
        "description": "This Voluntary Ex-Ante Transparency (VEAT) relates to the extension of the existing Insurance Provision contract. Having sought advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term \"by circumstances Viewpoint Housing Association (VHA) could not have foreseen\". Justification of this intention together with full details of the intended contract are included within sections II.2.4 and IV.1.1 of this notice.",
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        "procurementMethodRationale": "This Voluntary Ex-Ante Transparency (VEAT) relates to the extension of the existing Insurance Provision contract. Having sought independent advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term by circumstances Viewpoint Housing Association, could not have foreseen at the beginning of our contract. Viewpoint Housing Association (VHA) intends to extend the existing Insurance Provision contract due to end 30 September 2025 to the 30 September 2027 with Zurich Ltd who are the current insurance service broker/provider. These circumstances include current restructure of Viewpoint's Senior Executive and Leadership teams, in particular the retirement of the current Director of Finance and Business Support who oversees the insurance arrangements of the Association. This informed decision is based on; the ongoing insurance marketplace uncertainty reflective of the post-Brexit economic environment, the far-reaching impact of the war in Ukraine, recent challenges faced by RSL's relating to all services, and the current cost-of-living pressures; while concurrently seeking to ensure effective continuity of our insurance services to meet our statutory regulatory requirements. Furthermore, there are ongoing challenges in the housing insurance market, which has hardened over the last 24 month with resultant increased premiums for property insurance. For these reasons, we seek to extend our current insurance contract to allow Viewpoint focus on our internal restructuring and to allow the insurance market to soften, so we are in the best position to proceed with a tender process. VHA intend to go out to the marketplace for a new contract for Insurance Provision and this procurement process will commence 2027 Q2 with a target effective date contract date of 1 October 2027.",
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