Decision details
Reduction in value of professional indemnity insurance for low risk feasibility study work
Decision Maker: Head of Maritime and Technical Services, Director of Financial Services
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
To reduce the required value of professional indemnity insurance for the proposed Port of Ramsgate High Level Feasibility Study from the Council’s standard value of £2.0m to £0.5m.
Reasons for the decision:
The output of this high level study represents a relatively low risk in terms of the scope of services provided and a professional indemnity value of £0.5m is more appropriate.
Alternative options considered:
The alternative would be to retain the standard of insurance cover at £2.0m. However this is considered high when compared with the overall value of the contracted service which is less than £40k. Over specifying the insurance requirement may lead to increased project cost.
Publication date: 15/10/2019
Date of decision: 15/10/2019