The Vendor is required to provide of a licensed professional Insurance broker-of -record, in the marketing, procurement and placement, of commercial policies of insurance and bonds.
- Provide maintains a comprehensive insurance program/schedule, which includes but is not limited to property, terrorism, cyber, crime medical professionals and aircraft coverages.
- The Workers Compensation and Auto PD/Liability coverages are handled under the City’s Self-Funded Program.
- Broker shall represent the City in the application completion, marketing, procurement and placement of applicable insurance coverage, public official/court bonds as well as the City’s claims advocate during the insurance carrier claims handling/resolution process.
- Broker Service
• Identify, evaluate and recommend appropriate markets for various coverages. Assess insurance company stability, solvency and service records. Provide initial evaluation and listing of markets being approached for coverage to the City’s Loss Control/Risk Manager annually.
• Assist in the completion of annual renewal applications/specifications including an assessment of City exposures for the solicitation of insured/self-insured coverages and programs. Make introductions and set up meetings with underwriters as appropriate. Analyze, evaluate and recommend coverage based on quotes and proposals submitted. Assist in negotiation of policies. Provide placement and maintenance of all insurance policies. Provide the City’s Risk Manager, or other appointed representatives, with full access to the broker’s working files of City business upon request at the City’s convenience and discretion.
• Negotiate with insurance carriers the issuance of policies, premium audits, billings, endorsements, certificates of insurance, claims consultations, and all such matters customarily handled by insurance brokers.
• Provide a complete review/audit of policies for conformance with specifications and any negotiations conducted with underwriters. Verify accuracy of policy language, coverage endorsements, exclusions and other terms and conditions consistent with placement noting variations/changes from previous year. Identify coverage gaps if such exist and provide recommendations.
• Provide estimates of renewal rates and assist City staff in preparation of budget figures for the property/casualty program.
• Evaluate appropriateness of alternative financing mechanisms such as partial or self-funding, risk trust pooling, catastrophic bonds, and/or a Captive. Assist in structuring of same including recommended retention levels, stop-loss limits, deductibles, and sublimits, etc.
• Receive claims and monitor claim activity and provide assistance where needed, including but not limited to, reviewing claim reserves for appropriateness; as needed, arrange and coordinate a periodic actuarial review of outstanding property/casualty claims and insurance fund balance.
• Other usual functions expected of an insurance broker such as, but not limited to, accurately amending policies, providing interpretation of coverage, policy maintenance, binders and certificates, timely delivery of policies and/or binders, providing unbiased recommendations, answering questions and resolving issues. Broker shall submit copies of policies within 120 days of binding.
• The Broker may be asked to provide additional services e.g., actuarial services which may exceed the scope of responsibilities and duties contemplated within the fee. Services not identified as part of the fee will be subject to negotiations.
• Broker will assist the City in developing marketing data and plans for all types of insurance which the Broker is responsible for marketing.
• Broker will assist the City in identifying and evaluating loss exposures, insurance coverages relative to those exposures, and calculate and recommend appropriate inflationary property values in years between formal property valuation updates.
• Broker will provide a Summary of Insurance documents for all insurance placed which shows the details of the carrier, policy period, type of coverage, limits and significant coverages and exclusions afforded by each different policy as well as the layering or stacking of said coverages.
• Broker will provide this summary annually for each type of coverage.
• Broker will issue Certificates of Insurance as requested by the City at no additional cost to the City.
• Certificates will be accurately drafted to meet contract requirements for the City, consistent with coverage afforded by policies and will normally be provided within one working day or less of request by the City, unless otherwise agreed by the City’s Risk Manager or Designee.
• Broker will provide “run off” duties relating to policies, claims assistance, return premiums, additional premiums and all other administrative/broker functions relating to insurance placed by the Broker for which commissions were earned, during the entire term of the policy, unless mutually agreed otherwise.
• Broker will provide resources to assist the City in enhancement and maintenance of a comprehensive risk control program, particularly in the areas of Workers’ Compensation, Property and Liability.
• Broker will perform all other customary broker services, including but not limited to: provision of certificates of insurance, consultative services for specialized contracts the City may enter into, etc.
• All services will be performed in an accurate, professional, timely manner, with performance time frames to be mutually established upfront and adhered to, unless otherwise agreed to by the City’s Risk Manager or Designee.
- Contract Period/Term: 3 years
- Pre-Submittal Conference Date: January 13, 2026
- Questions/Inquires Deadline: January 20, 2026
