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City seeking proposals for insurance broker services
The City of Hastings is seeking proposals from qualified and licensed insurance brokers. Qualified firms to provide Insurance Broker Services for property, liability, and workers’ compensation insurance programs for a three-year period effective Oct. 1, 2024, with an option to renew the contract for two additional one-year periods by mutual agreement of both parties. Qualified applicants shall submit their qualifications for Insurance Brokerage Services by 10 a.m., Feb. 29, 2024, via electronic submission to City Clerk Kim Jacobitz.
Any questions to the City regarding this proposal shall be submitted to Kim Jacobitz, City Clerk, via email by 2 p.m. on Feb. 21, 2024. Any questions received via email, phone, in person, or otherwise after this deadline will not be addressed by any city personnel. Answers to questions received prior to the deadline will be posted via the City of Hastings website.
The successful firm will be responsible for the marketing, evaluation, and service of insurance placements in Appendix A on behalf of the City. The Firm will also consult on coverage interpretation, risk reduction strategy, regulatory compliance with local, state, and national authorities, and cost recovery associated with damages to City property or claims brought against the City.
The selected firm shall provide the following services:
1. Prepare annual marketing strategy reports identifying anticipated market conditions and proposing a marketing strategy for the City’s major loss exposure areas prior to policy renewal.
2. Assist in developing underwriting data and specifications for renewal negotiations.
3. Assist in providing value trends for property insurance.
4. Select insurance markets and evaluate coverage quotations.
5. Market insurance policies, including preparation of quality marketing submissions and development of coverage specifications.
6. Provide advice to City Administration on ways to strengthen City loss prevention and safety programs through having a Risk Consultant.
7. Obtain bids from the insurance industry and negotiate the best terms and coverage for the various exposure areas.
8. Fully document marketing of insurance coverages, including declinations received from insurance carriers.
9. Exhibit the knowledge of and willingness to work with alternative risk coverage providers.
10. Evaluate the commitment and financial stability of the insurance companies or alternative coverage providers and make recommendations to the City Administration.
11. Service existing insurance policies by tendering losses, reviewing coverage issues, assisting in collection of losses, reporting values, issuing Certificates of Insurance as needed, processing policy changes, etc. in a timely manner.
12. Assist with coverage and claim disputes.
13. Schedule quarterly meetings with the City Administration to discuss loss control issues, exposure changes, and general administrative matters.
14. Analyze the City’s exposure to loss, adequacy of coverage, and develop options on coverage not presently purchased by the City.
15. Prepare an annual report including a schedule of policies in force, coverage provisions, premiums, insurance claims experience for the prior policy year and recommendations for possible adjustments to insurance coverage for the next policy year. The report should provide a summary of broker support services rendered during the prior year, with recommendations for broker services recommended for the subsequent year.
16. Provide research and prompt response to insurance and risk management questions from the City Administration concerning contracts or new exposures.
17. Provide other services that are normally and customarily required of a public sector insurance broker.
18. Respond to communications the same business day in general; if not practicable, response should be within twenty-four hours.
19. Have key personnel available between 8 a.m. and 5 p.m. Central Standard Time.
20. Facilitate annual stewardship report to and meeting with the City Administration and other officials as needed.
21. Give advice on preparing a renewal calendar. Meet or exceed the City’s time expectations and renewal calendar.
22. Coordinate, attend and participate in carrier loss control surveys and underwriter visits.
23. Make educational presentations to City staff, if needed, on requested topics.
24. If other services are included in your fee for this section of the Scope of Services, such as, Risk Control Services, please outline them in your proposal.
Published Date: 01/16/2024