Insurance deal saves council £1m

MORE than £1 million has been saved by city council chiefs after switching insurance suppliers.

Finance staff used detailed brochures and site visits to help firms better assess the risks involved in providing cover for the council's buildings, vehicles and public liability insurance.

They have also developed IT systems that have streamlined the sharing of complex information with insurers.

Using this approach, the council's insurance cover is now down to around 1.55m per year, with the most recent annual saving being approximately 1.25m. The cumulative savings since 2004 have reached around 3m.

Margaret Rae, the council's insurance manager, said: "The key is to make sure the companies know exactly what risks they're dealing with. Once they understand our commitment to running our business to minimise risk, they are reassured enough to offer better prices."