Property and Casualty Insurance Broker Services

The Vendor is required to provide a property and casualty insurance broker.
- Pre-Marketing Services
• Conduct strategy discussions in advance of each placement and submit broker activity action plans and anticipated goals at the beginning of each service year.
• Assist in assessing the risks of the agency and in developing the insurance specifications that will be submitted to insurers.
• Provide recommendations for insurance coverages that are not currently carried by the agency.
• Recommend potential insurers, including an overview of their capabilities and qualifications.
• Collect the necessary data and prepare insurance submission packages for the marketing of the various coverages for the agency.
- Marketing and placement services
• Market the insurance needs of the agency by soliciting bids from insurance markets and providing the agency with a summary of the various bids received.
• Negotiate coverage options with insurance carriers to obtain the most beneficial and cost-effective program for the agency.
• Keep the agency informed of negotiations with the underwriters involving placement of all insurance programs.
• Assist in evaluating the options received from insurers.
• Use best efforts and advocate on behalf of the agency in the placement of our insurance programs.
• Submit firm quotations to the agency in a timely manner prior to the expiration of existing insurance.
- Ancillary services related to insurance placements
• Oversee and coordinate all relevant services provided by insurance carriers on behalf of the agency.
• Provide coverage summaries and conduct a post-renewal meeting with the agency.
• Deliver confirmation of coverage once it is placed.
• Obtain and provide policies and/or endorsements.
• Review policies and endorsements for conformity with agreed terms and coverage.
• At the direction of the agency, service insurance requests as needed, including but not limited to issuing certificates or memoranda of insurance, endorsements, notary bonds, auto identification cards, etc.
• Review premium and exposure audits, rating adjustments, dividend calculations and loss data.
• Provide the agency with invoices and remit premiums to insurers, except in the case of direct billing by insurers. And remit taxes and fees to the relevant authorities where applicable.
• Monitor the financial status of current insurers and alert the agency when an insurer falls below minimum financial guidelines
- Claims-related services
• Evaluate coverage applicability on placed business.
• Assist the agency in the development of settlement strategies.
• Assist the agency with insurer negotiations.
• Assist the agency with litigation management issues that impact claim settlements.
• Prepare loss notices to insurers and notify insurers of claims.
• Assume responsibility for managing certain types of claims, such as auto.
- Additional risk consulting services
• Provide property loss control services.
• Provide tailored guidance and advisory resources for contractual risk allocation management.
• Provide other risk consulting services that are agreed upon throughout the duration of the contract.