Owner of Yorkshire Water Kelda Group has gone out to tender with an insurance brokerage and risk management services contract for the AMP7 2020-25 investment period - initial contract term is 3 years, with 2 further 1 year extension options.
The contract will be to fulfil the insurance and risk management needs for Kelda Group and its subsidiaries - main subsidiary Yorkshire Water provides water and sewerage services to over 5 million people and 100,000 businesses in the Yorkshire region.
The Group is looking to appoint a single firm to act as its broker - the successful tenderer will need to demonstrate:
- clear understanding of Kelda's business and the risk environment within which it operates
- how they propose to assist Kelda to ensure an opmtimum insurance programme is in place
Services to be provided under the contract include:
- commercial combined — property damage and business interruption;
- commercial combined – tenanted properties;
- commercial combined — terrorism;
- combined liability;
- excess liability combined – multiple layers;
- employers liability;
- Excess Employers liability – multiple layers;
- Directors and Officers Liability;
- excess directors and officers liability – multiple layers;
- employment practices liability;
- professional indemnity — Kelda;
- motor fleet;
- personal accident/travel;
- aviation liability/ drone – hull + liability.
In the area of traditional hazard/insurable risk, Kelda’s risk management philosophy includes the following objectives
- protect the Group balance sheet, earnings and reputation;
- to keep all ‘catastrophe’ risks off balance sheet;
- to restrict the Group’s maximum self-insured exposure;
- to focus on the total cost of insurance (i.e. third party premiums plus the cost of retained risks);
- minimise the cost of risk
Time limit for receipt of tenders or requests to participate is 21st September 2020 – click here to access 1st stage tender documentation.
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