1. That the award of the leasehold and ancillary properties building insurance contract to Zurich Insurance PLC (UK Branch) t/a Zurich Municipal commencing 1 April 2018 in the estimated sum of £4.2m per annum for a period of three years making a total estimated contract value of 12.6m (including insurance premium tax at 12%) be approved. This new contact has a specific extension duration period of up to two 12 month periods built into it therefore making a total estimated contract value of £21m. The year on year increase in premiums of the new contract will be linked to the RICS index as well as the policy’s claim performance as set out in paragraph 55 of the report.
2. That approval be given to the entering into of an agreement for services between Zurich and the council in relation to claims handling services for the period of the leasehold and ancillary properties building insurance contract as further detailed in paragraph 34 of the report.