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Report 8 of the 20 September 2007 meeting of the Finance Committee and outlines the insurance renewal programme for 2007/08.

Warning: This is archived material and may be out of date. The Metropolitan Police Authority has been replaced by the Mayor's Office for Policing and Crime (MOPC).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: 8
Date: 20 September 2007
By: Treasurer

Summary

This paper outlines the insurance renewal programme for 2007/08 and seeks approval for various renewals.

A. Recommendations

That members

  1. Agree that the insurance policies be re-let in accordance with the terms outlined in the exempt report, with effect from 1 October 2007.
  2. Agree that annual savings of £439,000 in a full year (£207,000 in 2007/08) be transferred to insurance reserves on the balance sheet.

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 2007. Details of the renewal are included in the linked exempt appendix, which summarises the renewal position on each major class of insurance.

2. Working with Willis over the last five 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 2007 broking exercise confirm that this strategy is sound and continues to deliver benefits in both cover and cost.

C. Race and equality impact

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.

2. The linked exempt report identifies full year savings of £439,000 (£207,000 in 2007/08). It is recommended that these sums be transferred to Insurance reserves on the balance sheet. This will ensure the build up of monies, outside of direct budget provisions, to assist with any claims that the MPA/MPS are currently self insuring.

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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