Insurance services

Tender description

FRIC is a Discretionary Mutual established in 2015. FRIC provides discretionary risk protection on a shared liability basis and insurance for member fire and rescue authorities and manages claims. FRIC wish to procure a protection insurance programme, covering motor insurance claims, property and liability insurance and cross class aggregate insurance. Regis Mutual Management Ltd is FRIC's appointed mutual manager. FRIC Membership is open to all UK Fire and Rescue Authorities. FRIC is regulated by the Financial conduct authority as an appointed representative of it’s manager. The initial term is for 2 years with the option to extend in 2 year increments until the eighth year. The final extension increment is for 1 year. The value across the 9 years is estimated up to 20 000 000 GBP which is based on 25 % FRIC membership growth. It is expected that the number of member authorities across the United Kingdom may continue to grow beyond 2020 although there is no guarantee. This lot relates to the motor insurance, property and liability insurance and aggregate insurances for claims above the authority and the Authority’s Members’ retention limits as follows: Motor insurance – above 505 000 GBP up to unlimited GBP per event; Property insurance – above 105 000 GBP up to 50 000 000 GBP per event; Liability Insurance – above 205 000 GBP up to 10 000 000 GBP per event. FRIC: 2 200 000 GBP Cross Class* Protection Programme Insurer: Lot 4: 800 000 GBP** *Combined motor, property, liability ** Ring fenced line of business aggregates apply to Lot 2 of 1 800 000 GBP and Lot 3 of 1 200 000 GBP. This lot relates to motor insurance for claims above the Authority and the Authority’s Members’ retention limits as follows: Motor insurance – above 505 000 GBP up to unlimited GBP per event. This lot relates to the property and liability insurance for claims above the Authority and the Authority’s Members’ retention limits as follows: Property insurance – above 105 000 GBP up to 50 000 000 GBP per event; Liability insurance – above 205 000 GBP up to 10 000 000 GBP per event. Cross class aggregate insurance across lots 2 and 3. This lot relates to the Liability Insurance. Liability insurance for claims above the Authority and the Authority’s Members’ retention limits as follows: Liability – 10 000 000 GBP up to 50 000 000 GBP per event. Lot 5 is a standalone requirement for liability insurance. Lot 5 will not be awarded unless either Lot 1 or Lot 3 are awarded.