Purpose

Cabinet approved the current 5 year insurance long term agreement (LTA) on 13 March 2023, but only the first year’s known premiums were included in the report. Cabinet is asked to approve the historical insurance premium spend for 2024/25 and 2025/26 and authorise the maximum spend for the final two years of the LTA in 2026/27 and 2027/28.

Decision

Cabinet RESOLVED to:

1. Retrospectively approve the insurance premium spend for 2024/25 and 2025/26 in the sums of £1,762,775 and £1,897,886 respectively.
2. Approve the insurance premium expenditure for the remaining two years of the current 5-year long-term agreement 2026/27 and 2027/28, in the sum of £5.3m in total across the two years.
3. Confirm the delegation to the Executive Director of Corporate Services as set out in the constitution to obtain insurance cover, appointing insurers, insurance brokers and loss adjusters as necessary and that for the avoidance of doubt this includes the ability to add or remove cover and amend insurance as and when that requirement occurs.