Procurement

T1115 - UMAL Insurance Broker

Procurement identifier (OCID): ocds-h6vhtk-04c7e0

Description

UMAL needs to secure the services of a UK-based insurance broker with experience,

expertise and capacity to act as an intermediary between UMAL and the insurance market

(i.e. insurers, reinsurers, and other risk financing institutions). The broker will be required to

assist with insurance needs of UMAL which include:

a. Placing Insurance risks with insurers (both local and international)

b. Ensuring adequate insurance for all UMAL exposures

c. Providing wholesale insurance broking services for HMSL on behalf of its Members

d. Covering the entity risks of UMAL, which includes

i. Office Insurance and related covers

ii. Professional Indemnity

iii. Directors and Officers for UMAL Directors and officers

iv. Crime

v. Cyber

Please also note, although the estimated total value is £125M across a potential 5 year

contract we would like to make the following clear

The overall value includes both premium and broker fees and could be in the range of £60 -

£125m across 5 years

Furthermore, to give an idea of just broker fees, this could end up being around £5m to £15m

across 5 years

Please note all figures are purely estimates.