To waive the request for waiver and award the contract to Faraday Syndicate (70%) and NW Re LTD (30%) in relation to the Property Insurance Layer.

Property Insurance Layer. £5m over the original £5m insurance

The proposed contract for the above will be between £12,000 (inc VAT) and £120,000 (inc VAT).

With this RFW I include a copy of the specification or brief which has been prepared for this contract and which details the goods, services and/or works which will be provided.

Specification Attached (and provide a brief description of the contract below):
As at 1st April 2024, our current property insurer imposed a first loss limit of £5m on our Brynsworthy Environment Centre, which includes our waste and recycling operations. Our broker was asked to seek options and quotes for additional insurance layers so that we could cover off the full reinstatement value of the building

I can also confirm that the contract terms which will be used for this contract will be the Council’s standard terms and conditions for goods and services or (where relevant) works or, where this is not the case, I have sought the approval of Legal Services to the alternative terms and conditions that I propose to use for this contract.

In accordance with the Council’s Contract Procedures Rules, three alternative quotes should be obtained and the lowest quotation should be accepted.

I can confirm that I have sought advice from Legal Services and we have agreed that it is appropriate that this requirement be waived for the following reason(s):

- Received fewer than three price quotes

no