Insurance services

Tender description

This PIN is to alert the market that the Fire and Rescue Indemnity Company Ltd (FRIC) is seeking to talk to the market regarding a requirement for the provision of property and liability insurance from November 2020. FRIC is a wholly owned mutual established in 2015. The company provides discretionary risk protection on a shared liability basis, plus manages the provision of insurance cover on behalf of the FRIC members. FRIC currently has twelve fire and rescue authority members. Regis Mutual Management Ltd is FRIC's appointed Mutual Manager. Regis Mutual therefore wishes to meet interested insurance providers able to offer property and liability insurance cover based on the values below: Property insurance GBP 105 000 to GBP 50 000 000 per event, Liability insurance GBP 205 000 to GBP 50 000 000 per event. FRIC is particularly interested in putting in place a long term arrangement of up to 9 years, the estimated contract value is GBP 15 m. This prior indication notice, PIN has been created in order to alert the market that the Fire and Rescue Indemnity Company Ltd (FRIC) is seeking to discuss options from interested insurance organisations options for the future provision of property and liability insurance from November 2020. FRIC is a wholly owned mutual established in 2015. The company provides discretionary risk protection on a shared liability basis, plus manages the provision of insurance cover on behalf of the FRIC members. FRIC is currently made up of twelve fire and rescue authorities. The Mutual is open to any fire and rescue authority. Further details of the Mutual can be found at www.fric.org.uk Regis Mutual Management Ltd is FRIC's appointed Mutual Manager. FRIC is seeking to engage with the market on a range of appropriate insurance options that can offer the insurance cover set out in this PIN. Regis Mutual therefore wishes to meet interested insurance providers able to offer property and liability insurance cover based on the values below: Property insurance GBP 105 000 to GBP 50 000 000 per event, Liability insurance GBP 205 000 to GBP 50 000 000 per event. FRIC is particularly interested in putting in place a long term arrangement of up to 9 years, initially for 2 years but with options to extend further in 2 year increments. The final extension would be for 1 year. The estimated contract value is estimated at GBP 15 m over the full term but this may change subject to any future growth of the membership. This cannot be guaranteed. Further details of the requirements will be provided to all organisations that respond to the PIN. Potential interested insurers should note that FRIC already has a long term agreement in place for vehicle insurance. Interested insurance providers should e mail daniel.williams@rmml.com with a brief summary of their organisation and experience and ability to offer this type of insurance arrangement. All organisations will receive an acknowledgement of their interest and may be invited for a further discussion. The opportunity to discuss this requirement will remain open until 31 May 2020.