Insurance Broker Services

The vendor is required to provide comprehensive insurance brokerage services related to the placement and maintenance of commercial property insurance policies to cover all state-owned buildings, including public education facilities and higher education institutions.
- Conduct a thorough review of the State’s current commercial property insurance program, helping to identify and evaluate potential gaps, risks, and opportunities for improved coverage.
- Analyze the current commercial property insurance market to identify competitive and qualified insurers, including an evaluation of potential carriers’ financial strength, stability, and claims-paying ability.
- Design a tailored insurance procurement strategy that aligns with the state’s budgetary and risk management goals and work with distribute to provide recommendations for coverage limits, retentions, and policy terms; suggest ways to optimize cost savings while maintaining adequate coverage.
- Procure bids from multiple insurance providers at various attachment points and retention options to build an appropriate commercial property insurance treaty tower.
- Assist in analyzing insurer proposals, comparing coverage terms, premiums, and exclusions.
- Provide a detailed summary and recommendations for carrier selections; conduct interviews or meetings with shortlisted insurers as needed.
- negotiate policy terms, premiums, and endorsements with selected insurers to secure the best terms and conditions; ensure coverage aligns with the state’s risk management objectives and operational requirements; manage all necessary paperwork for binding and placement of policies.
- Disclosure of all fees, commissions, and compensation arrangements with insurers.
- Vendor to provide details related to catastrophe modeling and commercial property market analysis and assessment services to be provided.