Insurance Broker Services

The vendor is required to provide professional insurance brokerage and risk management consulting services.
- Includes marketing, negotiating, and procuring insurance policies on behalf of agency recommending appropriate insurance lines, coverage limits, and retention levels; reviewing and advising on insurance terms in contracts; risk analysis; and issuing certificates of insurance.
- Goals
• Effectively transfer organizational risk through strategic insurance placement.
• Promote proactive risk management through exposure analysis and long-term strategic planning.
• Conduct timely reviews of insurance policies and provide recommendations to improve terms, adjust limits, and address any coverage gaps.
• Contract risk transfer and advisory support
• Enhance internal capabilities through education, training, and expert guidance.
- Objectives
• Secure competitively priced insurance coverage that aligns with agency risk profile. 
• Evaluate agency current June 1 insurance renewal cycle and recommend alignment with the budget year (January 1–December 31), where feasible, without compromising availability or pricing. 
• Perform annual exposure reviews tailored to agency, including benchmarking against peer organizations and internal data to identify uncovered or underinsured risks.
• Develop and implement a strategy for marketing, negotiating, and placing insurance policies, including an evaluation of innovative risk transfer options that reduce total cost of risk and that align with agency exposures. 
• Conduct a feasibility study for owner-controlled insurance programs (OCIPS) or rolling owner-controlled insurance programs (ROCIPS), including implementation guidance. 
• Conduct an annual review of all major insurance lines and competitively market the lines every three years—or sooner if favorable market conditions arise—to secure cost-effective coverage with appropriate retentions. 
• Conduct periodic insurance policy reviews and deliver enhancement recommendations to address coverage gaps. 
• Ad hoc review of third-party agreements and provide advice on insurance and risk transfer terms within three business days of request. 
• Facilitate annual onsite training covering contract language, insurance fundamentals, contract insurance and coi requirements, and other risk transfer/mitigating practices. 
• Provide implementation guidance and ongoing education to staff and management on ocips/rocips.
- Marketing and placement of insurance
• Solicit and evaluate insurance proposals and negotiate pricing and policy terms on behalf of
agency.
• Market the following policies and recommend placement strategies:
o Property and equipment
o Excess liability and umbrella
o Public officials liability
o Employment practice liability
o Terrorism and political violence
o Malicious attack
o Fiduciary liability
o Cyber liability
o Workers’ compensation
o Crime insurance
o Other insurance policies as needed or required, such as environmental/pollution liability
• Market policies every three years or more frequently if market conditions warrant. 
• Collaborate with agency to develop marketing timelines and renewal strategies. 
• Coordinate all renewal activities with agency board approval processes and policy expiration dates. 
• Present the insurance program to the board of water commissioners upon request. 
• Ensure delivery of all final quotes and carrier proposals at least thirty (30) calendar days before policy expiration. 
• Ensure delivery of specimen policies at least sixty days (60) before renewal cycle. 
• Develop and implement a strategic marketing plan for insurance placement, including identification of alternative risk transfer options. 
• Provide annual budget estimates (premiums and related costs) for agency use in annual budget process.
- Benchmarking
• Provide benchmarking data on pricing, retentions, and coverage as part of all marketing and renewal efforts. 
• Offer recommendations for adjusting limits, deductibles, and structures based on market conditions and risk profile. 
• Include comparative data from peer public entities or utilities to evaluate program adequacy. 
• Deliver claims benchmarking analysis using comparisons to relevant industry and water utility specific data.
- Risk management advisory services
• Advise on risk exposures, risk mitigation strategies, and insurance coverage adequacy. 
• Provide interpretation of policy language, particularly as it relates to coverage sufficiency. 
• Assist in developing long-term insurance and risk financing strategies. 
• Conduct a study on owner-controlled insurance programs (OCIPS) to assess potential benefits for agency 
• Deliver feasibility analysis within a determined timeframe and recommend next steps if implementation is accepted. 
• Review and recommend revisions to insurance and indemnity provisions in vendor and internal contracts within three business days of the request. 
• Provide ongoing consultation for operational and plan design questions, coverage issues, and day-to-day insurance matters. 
• Assist in reviewing and updating agency third-party contract guidelines. 
• Arrange for the purchase of fiduciary surety bonds for self-insurer workers compensation and the board of water commissioners 
• Monitor and advise agency on emerging issues and trends in the public sector and insurance industry.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: July 08, 2025