Insurance Broker Services

The vendor is required to provide that comprehensive insurance broker services will assist the College in securing cost-effective and comprehensive insurance coverage, ensuring compliance with applicable regulations, and providing expert risk management consultation.
- Insurance brokerage and risk management professional services for non-state mandated policies for a public community college.
- Broker requirements:
• Department of insurance; licenses shall be for all lines of property and casualty insurance.
• the Brokerage firm must have at least 5 years of experience in providing brokerage service in the college arena.
• Broker sufficiently experienced in property and casualty insurance and risk management services to provide expert, efficient, effective, and reliable services to the college.
• Broker extensive and continuous relationships with the insurance markets necessary to provide the college with superior insurance alternatives that meet the college’s needs and are favorably priced relative to the risk and the current market.
• The broker the highest integrity in business relationships and practices and shall make full and timely disclosure to the college of any conflicts of interest.
• The broker for general liability, automobile liability, professional errors and omissions, and workers’ compensation.
• The broker for all employer taxes and social security due to the state and federal governments.
• The broker for all funds handled by the broker on behalf of the college and shall carry a bond sufficient to cover any losses of this nature. broker shall not sub-contract work without the prior written permission of department.
- Risk management professional services:
• Identify potential risks and propose strategies to mitigate exposure.
• Provide training and resources to college staff on risk management best practices
- Claims assistance:
• Assist with claim filing, tracking, and resolution.
• Advocate for the college with insurance carriers as needed.
- Ongoing support and communication:
• Conduct periodic reviews of insurance coverage to ensure adequacy.
• Maintain open communication regarding market trends, regulatory updates, and emerging risks.
- evaluation and reporting expectations:
• Provide periodic reports, including:
1. Annual review and renewal recommendations.
2. Claims activity summaries.
3. Market trend analysis and benchmarking data.
- Account management:
• Provide a sample client service/solutions plan.
• Provide a summary of your contract review process and specifically assist us with various types of contracts.
• Firms approach to service delivery, account management and administration.
• Firms approach to addressing unique challenges or pressing issues.
• Explain your firm’s service philosophy.
• Provide a client service team schedule or team chart.
• Provide bios for your team members
i. Provide an overview of your client services and strategies.
j. Describe your firm’s commitment to service.
k. Provide an overview of how you will transition our account over to your firm.
l. Support your clients as a liaison between the client and the various the insurance providers
- Questions/Inquires Deadline: February 10, 2025