Third Party Administrator Services

The Vendor is required to provide third-party administrator (TPA) services to support the owner-procured builder’s risk insurance program for the following construction project.
- TPA will serve as a centralized adjusting resource, working on behalf of the participating insurance markets to investigate, evaluate, and manage property damage claims arising from construction-related incidents.
- Short-term goals or outcomes of this engagement include:
• Establish a single, centralized adjusting process for all builder’s risk claims to ensure consistency across multiple subscribing carriers;
• Provide timely response, investigation, and evaluation of claims, including the ability to mobilize quickly following a loss event;
• Deliver clear, consistent, and proactive communication with the city, broker, carriers, and project stakeholders throughout the lifecycle of each claim;
• Ensure accurate claim documentation, cost estimation, and reserving practices to support informed decision-making and financial oversight;
• Minimize project disruption by resolving claims efficiently and coordinating effectively with contractors and other involved parties.
- Solutions will also support longer-term outcomes, including
• Protection of the city’s financial interests through fair, accurate, and well-supported claim settlements;
• Reduction of administrative inefficiencies and conflicting claim determinations that can arise from multiple adjusting firms;
• Improved transparency and visibility into claims activity through consistent reporting and data sharing;
• Establishment of a reliable and repeatable claims management framework for future owner procured builder’s risk and large-scale construction projects.
- Communication and management:
• Expects to maintain an active and collaborative working relationship with the selected TPA throughout the duration of the project.
• Expected to provide consistent, timely communication regarding claim activity, including regular status updates and prompt notification of significant developments.
• A primary point of contact should be designated to ensure clear coordination and responsiveness.
• TPA, broker, and insurance carriers to monitor performance, address issues, and support efficient claims handling.
• The city reserves the right to request additional information, reporting, or meetings as needed to ensure effective oversight and alignment throughout the lifecycle of the project.
- Performance reporting:
• Number of claims reported, open, and closed during the reporting period;
• Claim status summaries, including major milestones and any delays or issues;
• Financial information, including reserves, payments made, and estimated total incurred values;
• Identification of large or complex claims, including current status and anticipated next steps;
• Trends or patterns observed in claims activity that may impact the project.