Decision

The Council continues to use Zurich Municipal to insure Worthing Pier following a call for quotes through an independent broker. Zurich Municipal have provided cover for the Council's property portfolio for a number of years, including Worthing Pier.

The premium paid of £101k per annum covers for fire, lightning, explosion and aircraft (FLEA) at an indemnity of £5m. This level of cover and premium is comparable with industry standard for an asset like Worthing Pier. This decision would ensure that Zurich Municipal covered Worthing Pier for the period from 1st June 2026 to 31st May 2028.

Reasons for the decision

The current insurance for the Pier expires on 31st May 2026 and therefore a new insurance premium is required to allow the Council to continue to provide adequate cover for FLEA.

Alternative options considered

The Council went through an independent broker and over 10 insurance firms were approached to provide a quote for full reinstatement cover. Only two companies put forward a quote with the alternative putting forward an annual premium that far exceeded the budget the Council has available to provide insurance cover for Worthing Pier.