Middlesex First (MFL) Insurance
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Key information
Overview
Provision of insurance for Middlesex First (MFL).
Procurement Act 2023
Direct award The proposed direct award relates to the provision of a specialist Public Finance Initiative (PFI) insurance programme. It is considered the incumbent provider is currently the only supplier capable of delivering the required specialist PFI insurance arrangements whilst maintaining continuity of cover and market stability during a transitional period. The PFI insurance market is highly specialised, with limited provider appetite and capacity. A change of insurer at this stage would introduce material risk to the continuity and effectiveness of insurance arrangements, potentially impacting the management of existing contractual and operational obligations associated with the PFI portfolio. Continuity of service is considered critical whilst the organisation undertakes a broader review and alignment of its insurance provision. The organisation's intention is to undertake a full competitive procurement exercise for its future insurance requirements in 2029. The value declared is inclusive of Insurance Premium Tax and not VAT.