Non-confidential facts and advice to the Deputy Mayor for Policing and Crime (DMPC)
1. Introduction and background
1.1. The MPS’s insurance strategy was approved in July 2016. This is a three year strategy with the MPS currently in year one. As part of the approval process the MPS is required to review the insurance strategy on an annual basis to ensure it is still fit for purpose. The Scheme of Delegation and Consent requires the Deputy Mayor for Policing and Crime to review the insurance strategy on an annual basis.
1.2. The use of insurance enables the MPS to transfer the financial risk of uninsured damage to property and uninsured legal claims for general liability to an insurance company, thus avoiding the need to fund this cost from the MPS’s own resources.
2. Issues for consideration
2.1. The MPS is exposed to certain insurable financial risks that are large enough to be prejudicial to the execution of the Police and Crime Plan. An example would be the risk of destruction of a major building within the Estate through fire.
2.2. See the Part 2 for details.
3. Financial Comments
3.1 The cost of the insurance renewals is proved for within existing resources.
3.2 Further details are contained in the Part 2.
4. Legal Comments
4.1. Procurement activity arising from approving the application of the existing Insurance Strategy will be conducted in accordance with the Public Contract Regulations 2015, EU law and MOPAC Scheme of Consent and Delegation.
5. Equality Comments
5.1. There are no direct equality or diversity implications arising from this report
6. Background/supporting papers
6.1. Briefing note.