Insurance Broker Services

The vendor required to provide insurance broker services for include:
•    Market and obtain quotations for each policy, reporting on an insurer’s financial status, and place and service the desired insurance coverages.
•    Provide carrier loss runs for a minimum of five years at least 90 days before expiration of each coverage, including any prior year with open losses.
•    Offer creative solutions and innovative suggestions for the office to consider.
•    Review and verify insurance documents received from insurers for accuracy, requesting any necessary revisions, and ensure receipt of revisions from the insurance company.
•    Provide an electronic copy of all policies
•    All coverages placed with multiple layers must include an excel graphic display of the placement showing carriers, limits, and premiums per layer.
•    The office will not be charged an insurance broker services fee for quotes for new coverage unless and until the coverage is purchased.
•    When commission rates are not available, the insurance broker must provide an explanation to the state for the reason the commission rate is not available.
•    Coordinate the collection of underwriting data for the policies placed on behalf of the state, including complete loss statistics and other underwriting data.
•    All quotes must include the insurance broker’s recommendation including the supporting reasons for that recommendation.
•    The event this requirement is not possible or recommended, the insurance broker must submit a letter of explanation and recommendation to the office’s director of insurance at least 90 days before the policy expires to obtain acceptance or denial of the recommendation.
•    The insurance broker must document all contacts from qualified and non-qualified carriers and must provide information to the office on the results.
•    Provide risk management and professional services directly or indirectly, and other recommendations as requested by the office, including, but not limited to, minimizing loss potential, and transfer of risk techniques.
•    Provide a binder of insurance prior to the effective date of the coverage for all policies.
•    Provide renewal premium and broker fee invoices in a timely fashion, preferably on or before coverage is effective.
•    Provide a commercial claim reporting process within fifteen (15) days of binding, which includes but is not limited to, the parties to which claims should be reported, their respective company and carrier, position, those parties’ contact information, including email addresses, and the format and required information for the claims report.

- Contract Period/Term: 5 years
- Questions/Inquires Deadline: January 9, 2026