Provision of Insurance Services in respect of Leasehold Properties and Equity Share / Mortgaged Properties (excluding the provision of insurance broking services) 2021

The Contracting Authority invites bids for the provision of its property insurance in respect of private dwellings sold on a leasehold basis, the majority of these were under the Right To Buy (RTB) legislation. The current Long Term Agreement expires on 31st March 2022. The dwellings are flats in blocks and flats in houses (maisonettes) where the Contracting Authority still retain the freehold ownership and in some case the leases may state that the Contracting Authority, as the Freeholder, will arrange the buildings insurance on behalf of the Leaseholder and recharge the premium as part of the Service Charge. Other flats in some blocks have not been sold (RBC tenanted) and are separately insured so insurance cover for these flats are not required. In addition, there are 4 Shared Ownership Houses (5 Dee Road, 8 Dover Street, 57 Field Road, 12 Norwich Drive) which have different leases. There are 9 Shared Ownership Houses (in Field Rd & Garnet Hill). These are identified on the schedule. 17 detached garages that are leased to RTB leaseholders are included in the schedule. There are no freehold properties.The Insurer must be registered with the Financial Conduct Authority (FCA) regulates how these firms behave, as well as more broadly the integrity of the UK’s financial marketsCover is expected to commence at 00.01am on the 1st April 2022 in the name of: Reading Borough Council (including Leaseholders and Mortgagors for their respective interests)