Purpose

To seek authority to award an interim contract for leasehold property insurance. The interim contract will be subject to a Section 20 consultation, following which the final contract will be awarded.

Decision

That the Corporate Director Resident Services, in consultation with the Cabinet Member for Housing, Homelessness and Renters Security:

i)             Approves the interim award of contract for Leasehold Property Insurance to Arthur J. Gallagher Insurance Brokers Ltd in the sum of £1,244,935.38 in the first contract year and £4,979,741.52 for a further period of four years, making a total of £6,224,676.90 over the contract period if there are no changes to the leasehold property portfolio, inflation, and / or risk levels in the market.

ii)            An interim award is required in this instance so as to commence consultation with the leaseholders via the statutory Section 20 Landlord and Tenant Act 1985, Stage 2 Notice.

Reasons for the decision

As detailed within the accompanying report.

Alternative options considered

As detailed within the accompanying report.