Insurance & Benefits Brokerage​

CPI will inform the Broker and keep updated the identification and evaluation of insurance of CPI’s risk exposures. Once completed the outcomes of this task must be reported to CPI’s Director of Legal. It is expected that the risk exposures are done every month, or when there is a known change. The Broker is asked to note the current insurances which are currently held by CPI; however, this list is note exhaustive, and CPI may need to seek appropriate cover in other areas: Material Damage, Business Interruption, and Money Terrorism Employers Liability Public and Products, Errors and Omissions, and Clinical Trials Management Liability Personal Accident & Travel Facility Hired In Plant Inspection SUD & OSP The Broker will be responsible for researching the market, conducting procurement exercises on behalf of CPI, comparing and evaluating policies and producing various reports to capture the key information to present to CPI. All stages which are stated in this clause must be done in conjunction with CPI’s legal and procurement departments. The Broker must notify CPI of its pre-contractual duties of disclosure to Insurers including the duty to disclose all information that would be considered material in the context of such duty. The Broker must make sure that this is done in a timely manner, to allow CPI the best possible opportunity to complete this task. The Broker will be obligated to disclose to Insurers all information and any material fact, made available to the Broker, by CPI, if any requests for additional information as requested by the Insurer. The Broker will be responsible for evaluating the responses to any procurement exercises and presenting all the outcomes of the procurement exercise to CPI explaining the outcomes of the process and the results. individual quotes and putting forward an independent recommendation to CPI regarding the best policies to cover CPI’s risk. As part of the evaluation process the Broker must work with CPI to identify realistic methods for minimising costs, and support in the identification of the correct insurance requirements based on the information gathered during the process. The Broker is asked to note that CPI falls within the Procurement Act 2023, which outlines procurement legislation which any Contract Authority needs to adhere to. Although the broker will not come under this legislation, CPI expects he broker to adhere to the principles of the legislation by: Delivering Value for Money Maximising Public Benefit Sharing information for the purpose of allowing suppliers and other to understand CPI’s policies and decisions Acting and been seen to act with Integrity. The Broker must also keep details on the process followed including market engagement, bids received, evaluation and recommendations. All steps of the process must stand up to scrunty and auditors. CPI may at various times ask to audit the brokers procurement exercised in relation to CPI. These audits will be notified and a period 2 working days will be provided before any audit. The Broker will be expected to place the insurance cover with the selected Insurer/s on behalf of CPI. The Broker is also required to provide written confirmation of insurance cover to CPI.

The Broker must assist in the identification and evaluation of policies which relate to staff benefits CPI provide or would like to provide to their staff. Once completed the outcomes of this task must be reported to CPI’s Chief People Officer. It is expected that the risk exposures are done every month, or when there is a known change. The Broker is asked to note the current insurances which are currently held by CPI; however, this list is not exhaustive, and CPI may need to seek appropriate cover in other areas: Life assurance – Death in service benefit Group Income Protection Private Medical Insurance Health Cash plan Pension The Broker will be responsible for researching the market, conducting procurement exercises on behalf of CPI, comparing and evaluating policies and producing various reports to capture the key information to present to CPI. All stages which are stated in this clause must be done in conjunction with CPI’s legal and procurement departments. The Broker must notify CPI of its pre-contractual duties of disclosure to Insurers including the duty to disclose all information that would be considered material in the context of such duty. The Broker must make sure that this is done in a timely manner, to allow CPI the best possible opportunity to complete this task. The Broker will be obligated to disclose to Insurers all information and any material fact, made available to the Broker, by CPI, if any requests for additional information as requested by the Insurer. The Broker will be responsible for evaluating the responses to any procurement exercises and presenting all the outcomes of the procurement exercise to CPI explaining the outcomes of the process and the results. individual quotes and putting forward an independent recommendation to CPI regarding the best policies to cover CPI’s risk. As part of the evaluation process the Broker must work with CPI to identify realistic methods for minimising costs, and support in the identification of the correct insurance requirements based on the information gathered during the process. The Broker is asked to note that CPI falls within the Procurement Act 2023, which outlines procurement legislation which any Contract Authority needs to adhere to. Although the broker will not come under this legislation, CPI expects he broker to adhere to the principles of the legislation by: Delivering Value for Money Maximising Public Benefit Sharing information for the purpose of allowing suppliers and other to understand CPI’s policies and decisions Acting and been seen to act with Integrity. The Broker must also keep details on the process followed including market engagement, bids received, evaluation and recommendations. All steps of the process must stand up to scrunty and auditors. CPI may at various times ask to audit the brokers procurement exercised in relation to CPI. These audits will be notified and a period 2 working days will be provided before any audit. The Broker will be expected to place the insurance cover with the selected Insurer/s on behalf of CPI. The Broker is also required to provide written confirmation of insurance cover to CPI.