Property Damage & Business Interruption

Description

Property Damage & Business Interruption: Policy for material damage, business interruption, machinery breakdown and computer breakdown combined. This notice concerns a necessary portion of insurance cover for which a recent competitive tendering procedure, conducted via a framework agreement (YPO DPS Ref: 001198), did not yield a suitable result. The tenders received for this specific component of cover were demonstrably substantially above the prevailing market rate, preventing a complete award under the established framework. To have proceeded would have resulted in poor value for money being achieved. Neither was full retendering possible due to the imminent expiration of existing insurance provisions. Given the critical nature of this insurance cover for continued operations, and in accordance with Section 43 of the Procurement Act 2023 concerning switching to direct award when suitable tenders are not received, a direct award for this sub-threshold element of the cover is being made. This action is taken to ensure the University has 12 months of full, essential coverage, reflecting the extreme and unavoidable urgency of the situation, which could not have been reasonably foreseen or attributed to the contracting authority.