Buildings Insurance for Residential Leaseholders

Tender description

The London Borough of Harrow invites tenders for the provision of buildings insurance for residential leasehold properties in where the Local Authority has sold a leasehold or shared ownership interest. The current contract expires on 31st March 2025. The Council currently effects cover for 1,155 Right to Buy leasehold properties, however it is anticipated that this figure could increase by up to 2% by the commencement date of the contract. The number of properties to be insured may also decrease because leaseholders have the right to enfranchisement when the ratio of leaseholders to Council tenants reaches two thirds and at least 50% of the leaseholders wish to exercise this right. A revised property listing will be provided before the commencement of the contract. Properties are to be insured on a blanket basis, without selection, irrespective of location or previous claims history and inclusion under the policy will be automatic on completion of sale. Keywords: Insurance services, Property insurance