Insurance Consulting and Risk Management Services

The vendor is required to provide from experienced and knowledgeable respondents to provide insurance consulting and risk management services.
- Insurance requirements:
• Review and assessment: evaluate insurance requirements in contracts and formal solicitations, including vendor, contractor, and third-party agreements. ensure that they are sufficient to protect the authority from liability, property damage, and other risks.
• Contract template recommendations: develop and recommend insurance requirements and clauses for inclusion in contracts and formal solicitations to address varying levels of risk exposure.
• Best practices: advise on best practices for requiring appropriate insurance coverage for vendors and contractors, ensuring that these requirements align with industry standards and safeguard public assets. • Compliance assurance: ensure that insurance provisions comply with relevant state laws, federal regulations, and state-specific insurance requirements.
• Certificate of insurance review: if needed.
- Risk analysis
• Comprehensive risk assessment: perform a thorough analysis of authority current risk exposure, including operational, liability, property, and environmental risks.
• The authority owns and operates several dams, wastewater, and water treatment plants.
• Risk prioritization and mitigation: identify and prioritize risks based on potential impacts and probability and recommend strategies for risk mitigation or avoidance.
• This includes potential financial losses, reputational damage, and operational disruptions.
• Review of existing risk management practices: evaluate current risk management policies, including incident reporting, claims handling, and loss prevention measures.
• Additional owner insurance: evaluate use of an owner’s insurance policy to supplement vendor-provided insurance on high-risk projects, where vendor insurance will not cover full liability.
- Property valuation review with agency:
• Valuation of assets: review the current property valuations for accuracy and ensure they reflect the current market conditions and replacement costs.
• This includes reviewing buildings, infrastructure, and other assets critical to operations.
• Agency coordination: work with agency to conduct a comprehensive property valuation review and ensure that the values align with agency guidelines and recommendations.
• Insurance adequacy assessment: verify that the current insurance policies provide adequate coverage for the replacement value of assets, including property damage, business interruption, and other risk factors.
• Revaluation recommendations: based on the findings, provide recommendations for adjusting property valuations or making changes to the insurance policy to ensure sufficient coverage.
- Other services
• Claim assistance with agency
• Ancillary coverage.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: May 09, 2025