Worldwide All Risks Insurance
Key facts
- Contract value
- £1,125,000
- Awarded
- 28 Mar 2024
- Contract starts
- 31 Mar 2024
- Contract ends
- 31 Mar 2029
- Procedure
- Call-off from a framework agreement (framework)
- Buyer type
- Central government
- Source
- Contracts Finder
Awarded to
| Supplier | Value |
|---|---|
| Marsh Ltd | £1,125,000 |
Description
The FCDO intends to fund insurance cover through a bespoke self-fund hybrid model that reflects the FCDO's unique requirements and global reach. Staff are encouraged to opt in and pay one-third of the premium cover, with the FCDO covering the remaining two-thirds. The supplier will be responsible for arranging the policy provisions and administering insurance cover. All UKB premium contributions will go into a FCDO claims pot (see below) with a set lower limit and if this lower amount is breached, the FCDO then returns to a self-funded approach model. The funding is structured such that the FCDO reduces the total premium price for the UKB Staff by two-thirds. The FCDO's two-thirds contribution will be used to top up the claims pot as needed to honour claims. All UKB staff contributions will be collected and directly administered by the supplier. The remaining funds in the existing claims pot will be transferred to the successful bidder during the transition period.
REQUIREMENT
Detail of the Worldwide All Risks (WWAR) Insurance Scheme:
The following elements will be included in the WWAR Insurance Scheme Contract: 1. WWAR Personal Effects and Personal Liability Insurance Scheme; 2. Personal Accident Insurance Cover for Spouses/Registered Unmarried Partners 3. Marine Transit Insurance cover for UKB personal vehicles (to/from selected Posts)
Categories (CPV)
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