Provision of Surety Bonds
Ministry of Justice · London
Key facts
- Awarded
- 13 Jan 2023
- Contract starts
- 31 Mar 2023
- Contract ends
- 31 Mar 2028
- Procedure
- Open procedure (above threshold)
- Buyer type
- Central government
Awarded to 3 suppliers
| Supplier | Value |
|---|---|
| Marsh Ltd | — |
| HOWDEN INSURANCE BROKERS LIMITED | — |
| Insync Insurance Solutions Ltd | — |
Description
To appoint an insurance broker, or brokers who will be responsible and accountable for the administration and management of the provision of surety bonds and for the procurement exercise to select a suitable insurer or insurers for the provision of surety bonds. The Public Guardian (PG) was created under the Mental Capacity Act (2005). The OPG is an executive agency of the Ministry of Justice (MoJ) that supports the PG in discharging his duties. The Mental Capacity Act (2005) makes provisions for ways in which decisions can be made on behalf of people in circumstances where they may be incapable of making such decisions personally. In such cases where the person has property or finances and no attorney in place, it will be necessary to apply the CoP for an appropriate deputyship order. Where the CoP appoints a Deputy, it may require a surety bond to be in place for the protection of the person's property and, or finance. The Surety Bond is a guarantee to pay any financial losses arising from the Deputy's failure to fulfil their agreed duty. The CoP decides the value of the Surety Bond.
Categories (CPV)
- 66500000 Insurance and pension services
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