Official UK procurement notice
Insurance Services · UK public procurement notice
Authority: Prospect Community Housing
Sectors: Financial and insurance services (66) Delivery: Scotland (UKM75)
Awarded value£629,867published contract · exc. VAT
Awarded 24 Oct 2023
Awarded to Marsh Ltd
What is being bought
Published requirement descriptionNo description was published on the notice. See the official documents.
CPV: Insurance services
The lotProcurement structure
single lot · no lot value publishedLot #1Insurance Services
Procedure terms & legal framework
From the official record · publisher note attached- Legal basis
- CELEX · 32014L0024 Public Contracts Regulations 2015 (Directive 2014/24/EU)
- Procurement category
- Services
- Notice status
- Awarded
- Procurement threshold
- Unspecified in notice
- Regulatory regime
- Standard
- Commercial structure
- Stand-alone contract (no framework)
- Competition type
- Competitive procedure
- GPA / WTO covered
- Unspecified in notice
- Recurring procurement
- Unspecified in notice
- First published
- 25 Oct 2023, 16:55 BST
- Last source update
- 25 Oct 2023, 16:55 BST
- FTS notice number
2023/S 000-031530- Classification (CPV)
- Delivery area
- Official registry OCID
ocds-h6vhtk-040f05Find a Tender
Publisher note: (SC Ref:747187)
Commercial outcome & contract awards
Published awards, contracts and bid statistics, not a forecastAwards 1
Awarded value £629,8671 contract exc. VAT
Contracts signed 1latest 24 Oct 2023
| Awarded to | Value | Date | Status |
|---|---|---|---|
| Marsh LtdSME | £629,867 † | — | Awarded |
Contracts
Insurance Services · Marsh LtdSME
- Signed
- 24 Oct 2023
- Value
- £629,867
- Status
- active
- Change This Modification 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”. 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, 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. PCH intend to go out to the marketplace for a new contract for Insurance Provision and this procurement process will commence 2026 Q1 with a target effective date contract date of 1st October 2026., Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee: Need for modification brought about by circumstances which a diligent contracting authority/entity could not foresee Description of the circumstances which rendered the modification necessary and explanation of the unforeseen nature of these circumstances: This 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.
Contracting authority & participating public bodies
Dispute resolution & review bodies
- Edinburgh Sheriff Court and Justice of the Peace CourtReview body
Bidders & participating suppliers
1 commercial party on the notice- Marsh LtdAwarded supplier
Official documents & specifications
Official links; attachments are not copiedNo document links were published on the notice.