Published date: 18 September 2023

Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.


Closing: 18 October 2023, 12pm

Contract summary

Industry

  • Financial and insurance services - 66000000

  • Insurance services - 66510000

Location of contract

Any region

Value of contract

£15,000 to £25,000

Procurement reference

MT230311

Published date

18 September 2023

Closing date

18 October 2023

Closing time

12pm

Contract start date

22 December 2023

Contract end date

21 June 2026

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

Ofgem require insurance expertise to provide urgent and crucial advice in respect of matters in connection with the offshore transmission insurance market to be determined in relation to any claim for a revenue adjustment claim (an "IAE claim") from an Offshore Transmission Owner ("OFTO"). To make a determination, Ofgem require expert advice on various questions relating to insurance issues pertinent to making this decision. The questions will focus on whether OFTO could have secured LEG3/06 or equivalent insurance protection (defined later in this section) in the worldwide insurance market.
The OFTO Licence provides the OFTO with a revenue stream in respect of the offshore transmission system for up to 25 years. That revenue stream includes mechanisms which adjust the OFTO's revenue for certain 'pass-through' items, under Amended Standard Condition E12-J3: Restriction of Transmission Revenue: Allowed Pass-through Items (the Condition). The IAE is one such revenue adjustment mechanism for costs and expenses that have arisen during the revenue term, for example, due to fault or failure of the system (subject to defined pre-requisites), or at the Authority's discretion.
Further information can be found in the attached document 2023-100 ITT.

More information

Links

About the buyer

Contact name

Lynsey Gordon

Address

10 South Colonnade
Canary Wharf
London
E14 4PU
England

Telephone

+44 2079017000

Email

procurement2@ofgem.gov.uk

Website

http://www.ofgem.gov.uk