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Report 13 of the 15 September 2005 meeting of the Finance Committee and describes the insurance renewal programme for 2005/06 and seeks approval.

Warning: This is archived material and may be out of date. The Metropolitan Police Authority has been replaced by the Mayor's Office for Policing and Crime (MOPC).

See the MOPC website for further information.

Insurance and liability provision

Report: 13
Date: 15 September 2005
By: Treasurer

Summary

This report describes the insurance renewal programme for 2005/06 and seeks approval. Delegation to the Treasurer is proposed to enable agreement for some outstanding insurance matters.

A. Recommendation

  1. That the insurance policies be re-let in accordance with the terms outlined in the exempt report, with effect from 1 October 2005.
  2. That the Treasurer in conjunction with the Chair be given delegated authority to finalise arrangements for outstanding insurance matters as detailed in the exempt report

B. Supporting information

1. Willis, the Authorities insurance advisers have now prepared their renewal programme for both liability and property insurances, with effect from 1 October 2005. Details of the renewal are included in the linked exempt Appendix, 1 which summarises the renewal position on each major class of insurance, including options for members’ consideration where appropriate.

2. The MPS has put significant effort into improving the quality of information and claims history for the insurance market. This has provided the market with the confidence they need to underwrite MPA risk exposures on a logical basis, rather than the fear of the unknown, and improving the value for money of the insurance premiums.

3. This year is the first year that claims triangulations have been compiled for underwriters for renewal purposes. Presenting the claims information in a format that greatly assists underwriters in identifying claims and payment patterns and more accurately reflecting the financial position of the MPA in terms of its claims exposure, allowing for more accurate underwriting.

C. Race and equality impact

1. There are no specific implications resulting from the general insurance renewal programme.

D. Financial implications

1. The linked exempt report outlines the costs resulting from the insurance renewal programme.

E. Background papers

None.

F. Contact details

Report author: Annabel Adams – Deputy Treasurer, MPA.

For more information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

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