Property insurance services

Tender description

The Council is seeking renewal of the existing contract for the provision of a block insurance policy which provides buildings insurance cover for approximately 2 700 Right to Buy policyholders who own ex-council houses. Policy holders can pay their premiums monthly or annually which ever suits them. Premiums depend on sum insured which is determined by the policyholder with no impact from any previous claims history they may have had. The premiums have different levels of cover: Standard Cover and Accidental damage cover with the policy holder free to determine the sum insured and type of insurance they require. The Council is seeking renewal of their existing contract for the provision of a block insurance policy providing cover for Ex-Council house owners (approximately 2 700 Right to Buy Policyholders). You must supply a copy of your proposed policy wording. Tenderers must be licensed to transact business in the UK and are authorised by the UK Financial Conduct Authority. The Council requires the successful bidders to provide all information relating to annual renewals by the 31st March each year. This is to enable renewal notices, schedules, etc., to be amended if required, before renewal packs are issued to policyholders at the start of the last full week in April. It is critical that this timescale is adhered to. The requirement of the Tender is to provide a block buildings insurance policy. Both ‘Standard Cover’ and ‘Extended Accidental Damage Cover’ is required. Applicants/Policyholders must be allowed the option to select whether or not they wish to take Accidental Damage cover. Insurance Cover is to be arranged in blocks of 1 000 GBP sum insured. Cover Specification includes: Property Damage; Property Owners Liability. The Council requires Bidders to provide the benefit of a 24 hour telephone help-line for all policyholders. Policyholders should be allowed to cancel their insurance by the provision of seven (7) days notice in writing to the Council's Risk and Insurance team. Once fixed, insurance premiums will only be altered within the fixed period of the Contract as follows: (a) on request from a policyholder to alter the type of cover purchased, or the sum insured; (b) any alteration in the rate of Insurance Premium Tax or introduction of any new form of taxation. The successful bidder will be required to provide management information to the Council. Bidders will be expected to provide marketing materials suitable for issue to prospective policyholders including electronic versions.