The vendor is required to provide insurance broker services that include but are not limited to insurance placement and servicing, risk exposure analysis, as well as general insurance advisory services and claims assistance.
- Authority currently maintains the following insurance policies and coverage for its employees:
• Health (medical and dental) insurance
• Life insurance
• Workers compensation
- Authority currently maintains the following insurance policies and coverage for its general operations:
• Property General liability
• Automobile
• Public directors and officers
• Crime
• Cyber
- The applicant should be able to provide a range of services including but not limited to the following:
• Evaluate authority existing insurance program, and as necessary recommend changes to terms, conditions, or coverage limits to ensure the program is affordable and adequately protects authority,
• Evaluate authority existing insurance program, identify gaps in coverage and make recommendations for products to fill any identified gaps,
• Evaluate authority existing insurance program and identify any applicable market trends or exposure trends that authority should be aware of,
• Evaluate authority participation in applicable insurance pools and cost sharing programs, assist with the claim submission and handling process,
• Serve as the intermediary between authority and providers when there is a reasonable coverage dispute,
• Provide premium estimates at least one (1) month in advance of renewal deadlines each year,
• Negotiate with underwriters on behalf of authority and obtain insurance coverage that best meets authority needs and requirements at the best cost, while also advising on the carrier's services, claim handling process, etc.,
• Bind insurance coverage on the exact dates needed by authority,
• Work with existing underwriters to shift all policies to the same renewal date, if possible,
• Verify that new policies, binders, certificates, endorsements, and other documents are accurate and reflect the terms and conditions agreed during negotiations,
• Respond to all insurance related questions and request for advice from the authority chief financial officer and human resources in a timely manner,
• Assist the authority chief financial officer and human resources to coordinate inspection, audit, or other carrier requests, and
• Provide legal updates and provide guidance on recommended coverages in order to maintain compliance with federal and state laws and funder regulations as requested by authority.
• Ensure that required HUD terms and conditions are included in all applicable insurance contracts.
• Procure other lines of insurance as needs arise (1.e. cyber coverage, builders’ risk, umbrella etc.).