Insurance Provision - Modification

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    "title": "Insurance Provision - Modification",
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    "title": "Insurance Provision - Modification",
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    "description": "This Voluntary Ex-Ante Transparency (VEAT) notice relates to the extension of the existing Insurance Provision contract. Having sought advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term “by circumstances Prospect Community Housing (PCH) could not have foreseen”.\nJustification of this intention together with full details of the intended contract are included within sections II.2.4 and IV.1.1 of this notice.",
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    "procurementMethodRationale": "Award of a contract without prior publication of a call for competition\nJustification for selected award procedure:\nThe procurement falls outside the scope of application of the Directive\nExplanation:\nThis Voluntary Ex-Ante Transparency (VEAT) relates to the extension of the existing Insurance Provision contract. Having sought advice, to meet our statutory regulatory requirements as a Registered Social Landlord, these public contracts shall be modified and awarded under Regulation 72 (1) (c) utilising the Modification of contracts during their term “by circumstances Prospect Community Housing (PCH) could not have foreseen”.\nProspect Community Housing (PCH) intends to extend the existing Insurance Provision contract due to end 30 September 2024 to the 30 September 2026 with Marsh Ltd who are the current insurance service Broker/provider.\nThis informed decision based on; the ongoing insurance marketplace uncertainty reflective of the post-Brexit economic environment, the far-reaching impact of the war in Ukraine, recent challenges faced by RSL’s relating to all services, and the current cost-of-living pressures; while concurrently seeking to ensure effective continuity of our insurance services to meet our statutory regulatory requirements. The insurance market for social housing providers has always been quite restricted, however in the field of property and liability this has hardened severely and quickly since the start of 2023. This has been accelerated by the departure of two main insurance providers to the Sector recently, meaning the already limited capacity is much reduced. This has resulted in unsustainable market conditions, and we have seen insurers react this year applying significant rate increases on Renewals during 2023.\nPCH intend to go out to the marketplace for a new contract for Insurance Provision and this procurement process will commence 2026 quarter 1 with a target effective date contract date of 1st October 2026.",
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