The vendor is required to provide services are hospital and medical practitioner professional liability, comprehensive general liability, automobile liability,  director's and officer's liability, aircraft, and helipad insurances, employed lawyers’ liability,  property coverage, correctional health liability and other liability exposures that: (a) are specific to  healthcare services, teaching, or research; (b) may be synergistically combined with or related to the aforementioned exposures, or (c) require detailed working knowledge of the medical centers and affiliated entities that this vendor will acquire.
- Analytical review of the designated exposures to ensure all exposures are identified.
- Utilization of the most effective strategies for funding risk exposures and maintaining adequate coverage(s).
- Provision of risk management consulting services which facilitate risk management practices that are effective on a cost/benefit basis and/or reduction of undesirable outcomes.
- High-quality representation to insurance markets, obtaining required insurance coverages on a competitive basis which follows state revised code, and which produces the best possible premiums and coverage terms for agency.
- Proactive adaptation to growth and other changes in system operations, insurance markets, and/or the legal environment.
- Avoidance of duplications in coverage or unnecessary coverage.
- Maintain detailed historical records and provide ongoing broker services for insurance programs obtained.
- Services include:
• Assist agency staff, as necessary, with filing claims.
• Work with outside claims adjustors, as necessary.
• Represent the interests of agency in policy interpretation and other negotiations with insurance carriers.
• Assist agency with review of claim reserves and represent agency to the insurer with regard to requested explanation or reduction of reserve amounts.
• Follow-up with insurer as necessary until resolution of any reserve reduction requests are accomplished or until claim is closed.
• Provide annual summaries by policy year.
• Management of on-going operation, including continued development of the business plan, regulatory compliance, pro-forma financial statements, budgeting, and net present value cash flow analysis;
• Ongoing financial, underwriting, corporate, and program administration of the captive;
• Administer the insurance programs underwritten by the company, including maintaining all policy documentation and records, assisting with rate and premium calculations, reconciling the paid losses and loss adjustment expenses per the monthly loss runs to the cash disbursements, reviewing the loss information to ensure the company pursues all opportunities, monitoring loss performance;  
• Monitoring of claims and assistance in setting claim reserves;
• Premium invoicing;
• Monitoring investment performance, investment income and providing investment oversight;
• Coordinate quarterly meetings with agency risk management team to information including, but not limited to, the overall status of the captive, developments since the previous board meeting, follow-up on planned officers’ actions, and developments within agency operations that may impact or that may be impacted by select assurance captive (“SAC”),
• Develop and maintain a unique client website portal for administrative and stewardship activities;
• Preparation of executive and board benchmarking reports including ongoing analysis of the viability of the captive structure;
• Preparation of regular periodic financial statements and financial transaction execution associated with captive operations;
• Coordination of services provided by captive vendors/partners including banking, legal, audit, tax, investment portfolio managers, fronting and reinsurance intermediaries, TPAs and others;
• Preparation and submission of regular filings, financial statements, and registrations to the relevant regulatory authorities;
• Coordination and planning of annual board meetings, including but not limited to coordinating a list, timeline, schedule and meeting notice for the board of managers meetings, including lists of topics to be addressed at each meeting, detailed agendas and descriptions and supporting packages of relevant information, preparing detailed, accurate and complete minutes of each meeting for approval at the next board meeting;
• Serving as primary liaison with regulatory agencies as the captive’s licensed agent; and
• Provide supporting services as required to operate SAC.
- Contract Period/Term: 3 years
- Questions/Inquires Deadline: May 02, 2025