Commercial Insurance and Broker of Record Services

The vendor is required to provide broker of record for the city of regarding the marketing and placing of our commercial property insurance program including fine arts, boiler machinery, terrorism and crime, cyber liability policies that will be effective October 1, 2025, as well as lower-limit excess or surplus policies as needed.
- If the successful PROPOSER is an agent, she will be required to comply with the following:
• Be licensed to solicit and service commercial property and casualty insurance of the type requested in accordance with the laws of the state.
• Coordinate with the CITY to assure that up-to-date exposure data is incorporated into the issuance of newly purchased policies.
• Administer the City’s relationship with awarded insurance companies including, but not limited to, issues such as billings in connection with selected programs, data reporting, audits and compliance with negotiated requirements.
• Issue and deliver valid and timely binders for insurance policies purchased by the CITY.
• Promptly and accurately process insurance policy endorsements and other change requests as needed.
• Coordinate loss control/safety services desired by the CITY that are available from the insurers whose policies were purchased through the agent.
• Assist the CITY in filing claims with insurers from whom the CITY purchased policies through the agent.
• Provide the City with claims reporting and handling procedures, emergency contacts and all other necessary information for filing claims with insurers.
• Be available for risk management meetings with the CITY, as desirable during the year.
• Monitor and notify the CITY of major developments regarding the insurance industry or the CITY’s insurers or policies that may affect the CITY.
• If the CITY conducts an RFSCP process for coverage provided, promptly provide necessary background and rating data, and premium and claims history information desired for the RFSCP.
- INSURANCE POLICY PLACEMENT
• Provide strategies and rationale for a layered property program.
• Outline a suggested Property Structure.
• Provide strategies and rationale for Cyber Liability program including a full City-wide Cyber Risk Assessment.
• Outline a suggested Cyber Liability policy structure.
• agency expects to be remunerated for placement of the insurance and for their services
• Describe insurance carrier relationships that impact marketing abilities with potential insurance carriers.
• Identify insurers that you would seek to include in your marketing effort, inclusive of your preferred primary insurer.
- Cyber Liability Insurance (first & third party) coverage and components should include, but not be limited to:
• Business Interruption
• Systems Failure Business Interruption
• Dependent Business Interruption **OPTIONAL**
• Breach Event Expenses to include, but not be limited to:
o Computer Forensics
o Crisis Management and Public Relations Expenses
o Consumer Notification
o Breach Notification Costs
o Credit Monitoring/ID Monitoring Services
o Forensic and Legal Expenses
o Call Center Services
• Security & Privacy Liability to include, but not be limited to:
o Coverage for Defense Costs and Damages for financial loss suffered by others due to failure of computer security, including liability caused by:
a. Theft or disclosure of confidential information
b. Unauthorized access
c. Unauthorized use
d. Denial of service attack
e. Transmission of computer virus
o Coverage for Defense Costs and Damages suffered by others for any failure to protect PII, PHI or confidential corporate information, whether or not due to failure of network security
a. Unintentional violation of privacy policy
b. Actions of rogue employees
c. Alleged wrongful collection of confidential information
• Social Engineering
• PCI-DSS Fines & Penalties
• Digital Asset Protection
• Cyber Extortion
• Regulatory Proceedings to include, but not be limited to:
o Defense Costs for proceedings brought by government agency
o Fines and penalties (where insurable)
o Compensatory damages / Consumer Redress Fund
• Coverage includes both non-public personally identifiable information and confidential corporate information
• Coverage extends to information in the possession of independent contractor
• Awarded insurance companies and claims offices will agree that the City must be contacted, participate and approve in the assignment of defense counsel and firm
- Contract Period/Term: 2 years
- Pre-Proposal Meeting Date: May 14, 2025
- Questions/Inquires Deadline: May 23, 2025