Insurance Brokerage and Consulting Services

The Vendor is required to provide insurance brokerage and consulting services and keep in force all licenses and permits required to perform the services listed herein:
•    Design specifications for the insurance program and market the program for coverage when instructed to do so by the authority, including assisting the authority in the completion of all applications and documents and gathering data which may be requested by insurance companies.
•    Suggest alternative risk financing vehicles to reduce the authority’s cost of risk.
•    Analyze proposals received from various insurance companies and other parties, negotiate changes for the benefit of the authority and verify the reasonableness of the price for the coverage provided.
•    Provide the authority with a summary of various insurance program options, including but not limited to: limits, coverages, retention levels, terms, conditions and payment options.
•    Make recommendations to the authority as to the most advantageous insurance program providing the highest level of coverage at the best possible price to meet the authority’s needs and objectives.
•    Provide analysis and recommendations as to the most cost effective means for addressing the authority’s airport liability exposures.
•    Represent the authority in all negotiations with insurers, underwriters and other parties with regard to the insurance program.
•    Negotiate and administer the placement of coverage as per authority’s direction and provide original binders, policies and endorsements as required in the timetable specified by the authority.
•    Provide extensive review of binders and policies including verification of conformity to specifications. Request any necessary endorsements, changes, and/or revisions that may be required.
•    Provide insurance coverage summaries/descriptions as requested by the authority.
•    Assure that insurance policies are placed with reputable and financially responsible insurers (based on insurance rating among other criteria), including keeping the authority informed of any changes in rating of the insurers and making recommendations should ratings change during the policy term.
•    Continually evaluate the insurance program and recommend coverage changes and improvements to provide the highest level of coverage at the least possible cost to the authority. Provide critique of policy language.
•    Oversee and coordinate all relevant services performed by insurance companies/ underwriters or any service agencies arranged for insurance program related issues and concerns.
•    Perform administrative and clerical services relative to account management, including but not limited to, issuance of certificates of insurance, verification of the accuracy of bills, audits and all premium adjustments.
•    Submit all premiums/payments to carriers and other parties. All premiums/payments from the authority will be paid to the selected broker.
•    Assign an account manager to the authority who will be responsible for communication with the authority and who, along with any other team members assigned, must be available on a daily basis to the authority for advice and consultation on insurance program related issues and concerns. The account manager must be available for annual policy placement.
•    Attend meetings related to the insurance program with authority staff and other parties, as requested.
•    Review any related insurance company audits for accuracy.
•    Review various insurance publications and provide the authority with copies of articles applicable to aviation/airport insurance issues.
•    Provide the authority with aviation market trends on a regular basis.
•    Coordinate claims meetings with authority staff and a representative of the underwriters.
•    Act as a liaison between the authority and the carriers to resolve claims.
•    Advise the authority, when requested, on coverage application to specific claims.
•    Provide casualty risk control support services and provide property risk control support services.
•    Administer surplus lines fillings, provide market security updates as available and provide general market intelligence.
•    Negotiate panel counsel agreeable to the authority, in advance, before binding coverage.
•    Review loss runs, provide copies of the loss runs to the authority, and advise the authority of any anticipated problems.