Insurance and liability provision

Report: 6
Date: 21 September 2006
By: Treasurer

Summary

This report describes the insurance renewal programme for 2006/07 and seeks approval. Delegation to the Chair in conjunction with the Treasurer is proposed to enable agreement for some outstanding insurance matters.

A. Recommendations

1. That the insurance policies be re-let in accordance with the terms outlined in the exempt report, with effect from 1 October 2006.

2. That the Chair in conjunction with the Treasurer be given delegated authority to finalise arrangements for outstanding insurance matters as detailed in the exempt report

B. Supporting information

1. Willis, the Authority’s insurance advisers have now prepared their renewal programme for both liability and property insurances, with effect from 1 October 2006. Details of the renewal are included in the linked exempt Appendix 1, which summarises the renewal position on each major class of insurance.

2. Working with Willis over the last four years MPA/MPS staff have made a considerable effort to refine risk information and compile/analyse historical loss data, along with meeting and briefing key underwriters so that they fully understand the risks and risk management culture of the MPA/MPS.

3. The results of the 2006 broking exercise confirm that this strategy continues to work with the renewal programme offering improved value for money.

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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