Insurance and Risk Management Brokerage Services

The Vendor is required to provide insurance and risk management brokerage services experience, and specific experience with municipal securities, to provide insurance brokerage services for public officials’ liability and employment practices liability and privacy and security insurance under the direction and approval of the Board.
- Coverage Assessment and Recommendations
• Assesses the Board’s needs; including gathering information to understand the Board’s insurance requirements and potential risks.
• Thoroughly review all existing coverage and make written recommendations to the Board regarding any changes in coverage based on such things as unintentional self-insurance, gaps in coverage, overlapping coverage, restrictive limits, higher education industry trends and projections and cost of coverage.
• Offer advice and guidance to explain complex policies, advise on suitable coverage, limits, and deductibles, and help the Board understand the differences between policy options.
• Research and compare various insurance policies and products available from different insurance companies, aiming to find the best possible option for the Board.
• Identify carriers who can provide the insurance coverage required by the Board.
- Post-Selection Duties
• Verify that rates and premiums are properly calculated and charged.
• Communicate information between the Boards and selected insurance carriers including information regarding policy renewals, premium pay-ins, audit returns and buy-out provisions.
• Schedule meetings between the Board and selected insurance carriers as needed.
• Request, implement, and monitor coverage changes requested by the Board.
• Assist the Board with renewing or revising existing policies to meet changing needs.
• Offer expertise in reducing the cost of risks by designing risk mitigation programs and offering insights into risk management trends.
• Answer phone calls and field questions from Comptroller during regular business hours.
- Claims Process
• Provide support and guidance to Comptroller throughout the claims process, advocating on Comptroller’s behalf to ensure smooth resolution.
• When requested by Comptroller, communicate information to insurance carrier, and report and monitor claims activity to Comptroller.
• Provide electronic data submission at no additional fee, including any software or upgrades to software.
• Provide on-line access that allows Comptroller to monitor pending claims, reserves, adjuster notes, and final settlements.
• Provide training as needed on utilization of software.