The vendor is required to provide that commercial insurance brokerage services include detailed information which describes how they intend to fulfill the required performance and services.
-The key brokerage services required by state tech are to:
•Assist with maintaining a cost-efficient risk financing structure, utilizing the most effective risk transfer mechanisms available.
•Assist with procurement of insurance including introduction to insurance markets, presentation of state tech’s risk to underwriters, negotiation of favorable policy terms and conditions, and negotiation of appropriate premiums;
•Assist with risk management and loss control efforts as requested; and
•provide certain administrative services including but not limited to those relative to contract review and certificates of insurance.
-Services provided by the broker under this proposal, as a minimum, will encompass the following tasks:
•Design, marketing, and implementation of insurance program
oParticipate in the negotiation of policy renewals for all included coverages.
oRecommend appropriate levels of risk retention/ transfer and analyze loss exposures.
oIn collaboration with state tech, determine necessary renewal data to provide to underwriters.
oIdentify carriers who could provide the coverage and program desired.
oDevelop underwriting submission and present final draft of market submissions to state tech’s office of risk management for approval prior to marketing the program.
oSolicit and evaluate quotes for insurance.
oMake introductions to underwriters and involve state tech in negotiations on price and coverage as needed.
oFacilitate negotiations with insurance carriers who submit the most favorable quotes to maximize state tech’s coverage and to minimize state tech’s cost.
oBroker shall maintain complete records of the quote solicitation process and shall provide copies of such records to state tech.
oAttend work sessions and/or meetings to discuss recommendations and subsequent insurance negotiations with representatives from state tech’s office of risk management.
oBind coverage and issue binders of insurance within 24 hours of award.
oCoordinate the premium and deductible billing for this insurance.
oObtain support documentation from underwriters which detail the basis for premiums and other miscellaneous charges to assist in the administration of fair and equitable cost allocations to state tech’s operating units when so required.
oReview policies to verify conformance with specifications.
oRequest, implement and monitor all required coverage changes and provide policies within 90 days of binding.
oMaintain insurance policies and coverage without lapses or duplication.
oProvide complete copies of all policies issued to state tech.
oCoordinate ongoing insurer services among the parties.
•Additional client services provided by the broker
oKeep state tech abreast of current and expected market conditions on all lines of coverage that impact higher education, insurer solvency, and insurance cost and availability trends
oAssist state tech in review of contract documents and provide analysis and recommendations with regard to contractual risk transfer, changes in authority, wording and forms.
oMonitor exposure changes and amend policies as appropriate.
oVerify the accuracy of any bills, audits, and other premium adjustments.
oAssist state tech with requested metrics, including but not limited to: schedules of coverage, coverage maps, and TCOR analysis.
oBe available during regular business hours to answer phone calls and field questions with regard to insurance requirements for third party providers and general insurance coverage.
oAssist state tech throughout the year in coordinating and documenting insurance claims with the insurance company’s adjuster
oAssist state tech in any coverage disputes with the insurer.
oIssue certificates of insurance within 48 hours of request.
oAssist state tech with the selection and evaluation of any commercial insurance needs that may arise during the contract period to include the placement of insurance for specialty risks not covered in the basic policies.
oProvide any needed safety/loss control services required during the contract period and/or coordinate such services through the insurer
oCoordinate services between state tech risk management personnel, carrier loss control personnel, and broker loss control personnel
oAssist state tech with insurance issues related to major new construction projects.
-Contract Period/Term: 2 years