Broker and Commercial Insurance Coverages Services

The Vendor is required to provide broker and commercial insurance coverages services and responsibilities required include, but may not be limited to the following:
1. Marketing:
• Organize, develop and present to underwriters, all necessary data for marketing the agency insurance risk plan.
• Review the marketing plan documents with the agency insurance division for approval to proceed prior to going to the market.
• Negotiate and present to agency, best risk insurance policy terms, conditions and premium rates.
• Evaluate the underwriter(s) and report to the agency underwriter(s) financial stability and service commitment to clients.
• Review and advise on policy renewal process, meet with the agency insurance division to present marketing results no later than 60-days prior to renewal of coverage.
• The marketing report for each renewal will include summaries of current programs versus renewal options including all terms, options, conditions, premium rates, markets quoting and denying to quote with reasons for same, underwriter(s) ratings and broker’s recommendations.
2. Insurance and contract policy audit:
• Perform an insurance program audit (review of existing insurance policies to determine: adequacy of coverage; adequacy of limits; appropriate deductible and retention levels; significant restrictions in coverage; the existence of warranties; concurrency of coverage; duplication or gaps in coverage; coordination of coverage, suitability of forms; financial stability of insurers; insurer service capability).
• Be responsible for verification of policy terms, conditions, language, and form, compliance with regulatory requirements and consistency with expiring policy (IES), as needed.
3. Claims loss administration:
• Expected to administer claim submittals from agency in such a manner as to ensure that proper team member(s) is assigned to receive and process agency claims
• Direct and assist underwriter’s claims administrative personnel, representing at all times, the best interests of agency.
• Prepare and report to agency quarterly, claim losses on all lines of coverage whether losses are commercially insured or retained.
• Assist agency with claim loss development, trending and forecasting.
4. Risk finance invoicing:
• Responsible for invoicing of premiums.
• All invoices will be billed to agency on a net 30-day basis.
• All invoices from the contractor will be reviewed and appropriately processed for payment by agency.
5. Insurance renewal applications, policy review and policy delivery:
• Agency at least 120 days prior to each policy(s) expiration or anniversary date, underwriters’ applications for review and completion.
• Review all new policies and endorsements to ensure and confirm accuracy of policy terms and conditions prior to delivery of policies for review and acceptance by agency.
• Obtain premium quotes 45 days prior to renewal.
• Agency requires, through its broker, new or renewal policy delivery within 45 days of expiration, renewal or policy anniversary dates.