- Type
- economic
- Minimum
- Employers (Compulsory) Liability Insurance - Bidder shall take out and maintain, throughout the period of their services, Employer’s
Liability insurance to the value of at least TEN MILLION POUNDS STERLING 10,000,000 GBP in respect of any one claim and unlimited
in the period.
Public Liability Insurance - Bidder shall take out and maintain, throughout the period of their services, Public Liability insurance to the
value of at least FIVE MILLION POUNDS STERLING 5,000,000 GBP in respect of any one claim and unlimited in the period.
Product Liability - Bidder shall take out and maintain, throughout the period of their services, Product Liability insurance to the value
of at least FIVE MILLION POUNDS STERLING 5,000,000 GBP in respect of any one claim and unlimited in the period.
Motor Insurance -Bidder shall take out and maintain, throughout the period of their services, at least statutory motor insurance cover as per the Road Traffic Act 1988 (All Categories).The Supplier shall ensure that their motor insurance cover includes ‘special-types vehicle cover’ to include the use of any forklifts for delivery.
Professional Indemnity Insurance - Bidder shall take out and maintain throughout the period of their services , Professional Indemnity insurance to the value of a minimum ONE MILLION POUNDS STERLING 1,000,000 GBP in respect of any one claim and in the aggregate.
The above insurances shall be with an insurance company registered with Financial Conduct Authority (FCA) in the UK, or equivalent
body for other EU member states by The Company and any organisation shall not sub-let or sub-contract any part of the commission unless
the sub-contractor is similarly insured, unless The Company agrees otherwise. It is the express responsibility of the lead organisation to
ensure this is the case.
Should the Bidder not have the specified insurances at the time of tendering then, the Bidder must certify in their response to the SPD that
- Description
- Bidders must comply with the undernoted financial requirements in order
to participate in the tendering process:-
There is a minimum financial requirement that affects trading performance, and balance sheet strength.
Financial requirements for trading performance and balance sheet strength should be calculated on latest filed accounts
accounts with Companies House
Trading Performance
An overall positive outcome on pre tax profits over a 2 year period
Exceptional items can be excluded from the calculation.
The above would be expressed in the ratio Pre-Tax Profit/Turnover
Balance Sheet strength
Net worth of the organisation must be positive at the time of evaluation
and organisation must not be subject to an insolvency process.
Intangibles can be included for purposes of the Total Assets figure.
The above would be expressed in the ratio Total Assets/Total Liabilities
Companies that are only required to file abbreviated accounts, must submit a full sets of accounts
for the most recent year filed, in order for the two year profitability requirement to be verified
An applicant should have no outstanding issues, with regard to statutory filing
requirements with Companies House.
Applicants who have been trading for less than the 2 years noted above must provide
evidence that they are complying with the above minimum financial requirements
for the period in which they have been trading.
Applicants who do not comply with the above financial requirements but are part
of a Group, can provide a Parent Guarantee if the Parent company satisfies the financial
requirements stipulated above.
Glasgow Life reserves the right, at its own discretion, to seek such other information from the Bidder
in accordance with Regulations 61(7) or Regulation 61 (8) of the Public Contracts (Scotland) Regulations 2015
to prove the Bidder's economic and financial standing