Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided the Committee with information regarding the cost of Insurance Premiums paid by the Corporation, following a request for this information at the Committee’s last meeting.

The Chairman asked for clarification regarding the reason for the increase in the Pool Re Terrorism premium. The Chamberlain explained that there were two main reasons for the increase. These were due to a 10% increase in the premium rates for material damage and a requirement from Pool Re that the recovery of VAT could not be assumed for properties subject to a commercial leasehold contract. Therefore, this effectively increased the sum insured of those properties in the commercial property portfolio not directly managed by the City by 20%.

RESOLVED – That the Committee notes the report.