Leasehold Flat Buildings Insurance

Tender description

Bournemouth Borough Council invites bids for the provision of its property insurance in respect of private dwellings sold on a leasehold basis, the majority of these were under the Right To Buy (RTB) legislation. The current Long Term Agreement expires on 31st March 2016. The dwellings are flats in blocks and flats in houses (maisonettes) where the Council still retain the freehold ownership and the leases state that the Council, as the Freeholder, will arrange the buildings insurance on behalf of the Leaseholder and recharge the premium as part of the Service Charge. Other flats in some blocks have not been sold (Council tenanted) and are separately insured so insurance cover for these flats is not required. Some of the properties included in this invitation to tender are shared ownership properties (currently two), where the Council is part-owner under the shared ownership scheme. The Council may also look to include properties in the future where they have a Mortgage interest (currently none included). The length of the contract will be for three years with the option to extend annually for a further two years.