Insurance Brokerage and Consulting Services

The Vendor is required to provide comprehensive insurance brokerage and consulting services.
- Provide a broker who understands our institutional mission, can advocate on our behalf, and will empower us to make data-informed decisions that enhance value and reduce risk.
- Services include:
•    Conduct regular reviews of university insurance and risk management programs.
•    Analyze historical premium and claims data to identify cost-saving opportunities and coverage improvements.
•    Provide expert consultation on risk exposure, retention strategies, policy terms, and alternate risk financing techniques.
•    Advise on emerging risks and recommend solutions tailored to public sector and higher education environments.
•    Explore and advise on enterprise risk management (ERM) or alternative frameworks.
•    Provide projected premium levels for annual budgeting.
•    Monitor and advice on changes in laws, regulations, and industry needs.
•    Provide benchmark data and insights relevant to peer institutions.
•    Issue annual program summaries within thirty (30) days of renewal including market review, carrier ratings, marketing status, and renewal outcomes.
•    Coordinate servicing of all claims including administration, resolution, and carrier engagement.
•    Verify accuracy of all binders, policies, endorsements, invoices, and related documents.
•    Ensure timely billing and payment of all premiums and resolve any cancellation notices due to nonpayment.
•    Issue certificates of insurance and provide written clarifications on coverage questions.
•    Deliver corrected policies within sixty (60) days of the effective date or as soon as practical.
•    Assist in preparing underwriting data, statements of values, specifications, and other information required by insurers.
•    Maintain and provide a summary of insurance in force upon request.
•    Report quarterly to the university’s risk management office on insurance status, market developments, and urgent issues.
•    Assist in drafting and revising insurance provisions for university contracts.
•    Recommend risk transfer strategies and appropriate coverage/limits for third-party agreements.
•    Designate and name, in writing, a service team that will be available at any time upon reasonable notice for all matters related to the university’s risk management and insurance program.

- Contract Period/Term: 3 years
- Questions/Inquires Deadline: November 25, 2025