The vendor is required to provide casualty insurance broker and risk management services for policies renewing September 1, 2025.
- The college’s estimated annual expenditures for insurance policy premiums and all broker remuneration for services listed within this RFP is $490,000.
- The coverages requirements:
• Commercial general liability
• Law enforcement liability
• Business automobile
• Educators legal liability
• Foreign package liability
• Employee dishonesty/crime
• Storage tank liability
• Child care accident
• Student professional liability
• Active assailant coverage
- Include for services:
• Appointing a dedicated senior broker executive responsible/accountable for delivery of all brokerage services to agency
• The ability to be proactive and responsive in managing a complex, casualty insurance program.
• Engaging specialty resources to identify, develop, design, and implement creative solutions and alternative risk management strategies for the most effective and cost-efficient transfer of agency insurable risks
• Participate in strategy and claim meetings, assist in insurance program and coverage design, and, in coordination with agency risk manager, develop and organize all necessary underwriting data for marketing the college’s insurance program.
• Coordinate an annual stewardship meeting with appropriate college personnel to discuss, review, and summarize agency casualty insurance activities, loss control issues, loss exposures, recommendations for risk improvement, and objectives/goals for the upcoming year
• Recommend policy language and content that will maximize insurance policy indemnification under probable loss scenarios, particularly catastrophic losses, and provide cost & coverage analysis for any alternatives, or proposed enhancements to policy content, especially those that increase or broaden coverage.
• Analyze insurer quotations and policy forms, draft, and negotiate coverage endorsements and present to Agency the best risk finance/insurance policy terms, conditions, and premium rates.
• monitor insurance market climate, and when advantageous to agency, proactively seek available coverage enhancements
• provide optimal insurance policy structures, forms, terms, and conditions to ensure catastrophic losses are managed, and the long-term cost of risk is minimized.
• Issue certificates of insurance and auto id cards within twenty-four (24) business hours of request.
• Broker will recommend insurance companies for agency insurance program that meet acceptable Standards for financial strength, quality and claim paying ability, as measured by industry standard rating agencies or sources, and any independent evaluations conducted by the broker.
• Broker must communicate to all applicable agency parties in a timely manner, any known material changes in financial condition of any insurance company the broker utilizes on the college’s insurance program.
• Broker shall provide a loss control advocate for agency who will act as a liaison to insurance company representatives and assist in coordinating and conducting any loss control inspections, as well as provide risk engineering review and risk control input for significant construction projects as requested.
• Provide day-to-day services necessary to assist agency in responding to questions concerning coverage, certificate issuance, claims reporting, policy administration, insurance company correspondence, loss control issues, and other related information.
- Contract Period/Term: 1 year
- Questions/Inquires Deadline: April 08, 2025