Contents
Report 11 of the 21 Nov 00 meeting of the Finance, Planning and Best Value Committee and requests delegated authority to approve liabilities insurances.
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Liabilities insurance
Report: 11
Date: 21 November 2000
By: Treasurer
Summary
The report requests delegated authority to approve liabilities insurances.
A. Supporting information
Introduction
I reported to the Committee in September that I had accepted a proposal from Aon Risk Advisers to carry out a review and make recommendations for the placement of liabilities insurance. This would cover primarily third party, public liability and employers liability risks.
The intention was that Aon’s recommendations would be available for the Committee to approve insurance arrangements at this meeting. This timetable was always recognised to be very tight. Perhaps not surprisingly therefore despite best efforts the MPS have not been able to provide all the information necessary for Aon to approach the insurance market to deliver against this timetable.
I would still want to get these insurances in place at the earliest opportunity. I am therefore asking the Committee to delegate to me the authority to approve the placement of liabilities insurances in accordance with Aon’s recommendations, after consultation with the three members of the Insurance Panel (Nick Long, Richard Sumray, Roger Evans).
B. Recommendations
- That the Committee delegate to the Treasurer authority to approve the placement of liabilities insurances in accordance with recommendations to be made by Aon Risk Advisers, after consultation with the Member/ Officer Insurance Panel
C. Financial implications
In 2000/01 the premiums will be met from the earmarked sums for MPA first year set up costs being established in the opening balance sheet. Provision for insurance premiums is being made in the 2001/02 budget.
D. Review arrangements
Delegated action will be reported to the next meeting of the Committee. The strategic review of risk management and insurance, which will be tendered shortly, will address the longer term insurance requirements.
E. Background papers
None.
F. Contact details
The author of this report is Peter Martin.
For information contact:
MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18
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