Fire & Rescue Indemnity Company Limited (FRIC) invites applications from suitably experienced organisations who wish to be considered for selection to tender for the supply of a protection insurance programme to provide insurance coverage for Fire and Rescue Authorities who are part of FRIC.
FRIC is a Discretionary Mutual established in 2015. FRIC provides discretionary risk protection on a shared liability basis and insurance for member fire and rescue authorities and manages claims. FRIC wish to procure a protection insurance programme, covering motor insurance claims, property and liability insurance and cross class aggregate insurance. Regis Mutual Management Ltd is FRIC’s appointed mutual manager. FRIC Membership is open to all UK Fire and Rescue Authorities. FRIC is regulated by the Financial conduct authority as an appointed representative of it’s manager. The initial term is for 2 years with the option to extend in 2 year increments until the eighth year. The final extension increment is for 1 year. The value across the 9 years is estimated up to 20 000 000 GBP which is based on 25 % FRIC membership growth. It is expected that the number of member authorities across the United Kingdom may continue to grow beyond 2020 although there is no guarantee.
The contract will commence on 1st November 2019.