Insurance Broker and Risk Management Consulting Services

The Vendor is required to provide comprehensive insurance brokerage and risk management consulting services.
- General requirements:
1. Placement services:
•    Determine university particular needs by scheduling fact-finding meetings, auditing current coverages, ascertaining long-term goals, and recommending coverage changes based on those goals. 
•    Solicit quotes from insurers and assist in evaluating the options received from insurers. 
•    Make a diligent effort to place insurance at the lowest possible price consistent with adequate limits, breath of coverage and stability of insurers.
2. General services:
•    Deliver confirmation of coverage, once it is placed
•    Follow up with insurance carriers to obtain policies and endorsements. 
•    Review policies and endorsements for conformity with agreed terms and coverages. 
•    Provide answers to university and obtain clarification from insurers, underwriters, or adjusters regarding coverage. 
•    Administer insurance policies, including a formal review and analysis of the policy terms, conditions and coverage
•    Following policy renewal or placement, provide coverage documents to university in a timely manner. 
•    Issue certificates or memoranda of insurance. 
•    Review premium and exposure audits, rating adjustments, dividend calculations and loss data. 
•    Provide invoices, except in the case of direct billing by insurers. 
•    Remit premiums to insurers and, where applicable, remit taxes and fees to the relevant authorities. 
•    Monitor published financial information of university current insurers and alert university when one of those insurers falls below minimum financial guidelines. 
•    Develop a strategy for any upcoming renewal to be presented in writing to university at a minimum of 90 days before expiration. 
•    Include and identify any intent intermediaries used in the quote process. 
•    Provide annual renewal quotes on all annual policies three (3) months prior to renewal date, and three (3) months prior to expiration of any multiyear policies. 
•    Disclose additional and coverage restrictions on all renewal quotes in a chart format as compared to the expiring coverage. 
•    Seek newly available enhancements to any policy and change, augment or amend any policy, if possible, after it is bound or before it is renewed in the best interest of university. 
•    Provide or arrange for training in a variety of exposure areas, as requested.
3. Claims-related services:
•    Evaluate coverage applicability on all placed business.
•    Assist in the development of settlement strategies.
•    Assist university with insurer negotiations.
•    Assist with the litigation management issues that impact claim settlements.
•    Prepare loss notices to insurer and notify insurers of claims.
•    Provide answers to university and obtain clarification from insurers, underwriters or adjusters regarding claims questions.
•    Provide loss run reports at the end of each policy period and upon request.
4. Risk consulting and loss control services:
•    Provide risk management, and other services directly or indirectly; and other recommendations as requested by university, including, but not limited to, minimization of loss potential, property or liability inspection, actuarial services, and transfer of risk techniques. 
•    Provide university with advice and solutions across a comprehensive range of insurable and non-insurable risk issues.
- Specific requirements
•    Research institution risk management, including laboratory operations, grant-funded research activities, and technology commercialization. 
•    Human clinical trials and biomedical research, including clinical trial liability and participant injury coverage.
•    Artificial intelligence (AI) and emerging technology liability, including data governance, technology errors and omissions, and related professional liability risks. 
•    Cyber liability and data security coverage, including privacy liability, network security, and data breach response, ransomware, and business interruption. 
•    Builder’s risk and construction-related insurance for major capital projects, renovations, and infrastructure development. 
•    Foreign liability coverage supporting study-abroad programs, international research, global partnerships, and other overseas activities. 
•    Unmanned aircraft systems (UAS) and drone operations, including operational liability and equipment coverage for academic and research uses. 
•    Athletic catastrophic (CAT) coverage and participant accident programs supporting intercollegiate athletics and any organized sports related activities. 
•    Student arts, performances, and cultural programming, including coverage for exhibitions, performing arts events, and fine arts.