Insurance Brokerage and Risk Management Services

The Vendor is required to provide insurance brokerage and risk management services for include:
- Risk management service requirements:
• Developing appropriate and cost effective risk management program.
• Identifying and evaluating existing and emerging exposures to risk.
• Authority wishes to be proactive rather than reactive and requires an insurance brokerage firm to solicit innovative ideas that add value.
• Review contracts, leases or agreements for insurance implications, requirements, assumption of liability and other risk management issues, within specified time frames.
- Claims management service requirements:
• Co-ordinate notices of claims or losses to insurers as required and provide updates.
• Advise authority of negotiations and recommended payments on claims, and advise of any payments, whether direct claim payments or claim expenses, made by an insurer relating to a claim as soon as the insurance brokerage firm becomes aware of it.
• Provide expertise and assistance in the preparation and handling of all first and third party claims as requested by authority which are normally part of an insurance program.
• Provide annual reviews of claims with authority.
- Insurance brokerage service requirements:
• Review with authority its exposure to risk and recommend insurance coverage needs and negotiate with the market to obtain the best terms and conditions at the most favorable pricing.
• Prepare insurance specifications and underwriting proposals for insurance policy renewal.
• Provide assistance in completing applications for insurance.
• Issue all policy documentation accurately and in a mutually agreed to timeframe.
• All documents and other materials transmitted by insurers will be reviewed for accuracy by the insurance service provider and forwarded to authority in a timely manner.
• Remit premiums to insurers in accordance with industry practice and ensure premiums do not fall in arrears.
• Prepare a written summary of each policy including key terms, conditions, and endorsements and maintain each summary up to date and provide authority with a summary of all changes to terms and conditions of each insurance policy upon renewal.
• Obtain insurance coverage interpretations from insurers as the need may arise.
- General and administrative services to be provided:
• Maintain a system to review all open issues with authority on a routine basis and monitor the progress towards resolution.
• Be available for telephone consultations daily and be able to supply emergency after-hour contacts.
• Issue insurance certificates and endorsements as requested by authority in a timely manner.
• It is estimated there will be 2 – 4 requests annually.
• Blanket property insurance for all risk coverage.
• Insurance must provide automatic coverage for newly acquired property during the term of the policy, subject to reporting to insurer on the anniversary date for premium adjustment.
• Blanket crime insurance will cover loss inside or outside premises.
• New locations will be automatically covered, subject to limits and reporting to insurer on anniversary date for premium adjustment.
• Present an annual stewardship report to management that includes insurance coverage placed, market updates, claims history and analysis, loss prevention initiatives, potential exposures and risk management issues, assessment of the overall risk management program (including strengths and weaknesses), and goals and objectives for the coming year.