Colorado Mountain College’s Central Services located at 802 Grand Ave., Glenwood Springs, CO is requesting quotes from qualified firms to select an insurance brokerage firm to represent the College’s interest in securing property and casualty insurance programs designed to serve and protect the College’s objectives, operations, and concerns. The objective is to enter into a consulting agreement with an insurance brokerage firm for insurance placements and related risk management services.
TIMELINE
Contract from January 1, 2021 – December, 31, 2021.
SPECIFICATIONS
The college is requesting proposals to select an insurance brokerage firm to represent the college’s interests as described in this RFP. The firm should have the ability to:
• Understand the college’s objectives, operations, concerns, and create an insurance program uniquely designed to address these matters. A summary of current insurance coverage, limits and exposure information is provided.
• Conduct market search of all college insurance coverages and negotiate with underwriters on the college’s behalf to achieve best pricing and coverage.
• Recommend appropriate insurance pricing arrangements based on market conditions. This includes premiums, deductibles, coverage limits, etc.
• Arrange and coordinate any meetings as may be needed between appropriate insurance underwriters or service providers and institution for the purpose of presenting institution’s programs for insurance coverage.
• Assist institution with the completion of applications and the preparation of appropriate marketing and underwriting information to be submitted to potential insurers.
• Periodically review the college’s coverages to ensure they are adequate.
• Periodically review the college’s deductibles and other risk financing mechanisms to ensure cost-effectiveness in terms of premiums and experience.
• Advise institution management on the quotations of insurance premiums and coverages obtained from insurance markets to meet institution’s insurance needs, which should include at least three competitive quotes from reputable insurance carriers whenever possible. The selected firm will present the corresponding deliverable(s) to institution in an understandable format, including a professional analysis and recommendation for selecting an insurer.
• Verify the accuracy and adequacy of all binders, policies, policy endorsements, invoices, and other insurance related documents before delivery to the college.
• Support the relationships between the college and the carriers and ensure the delivery of the best service possible.
• Inform and advise the college on current trends and future concerns regarding all risk management issues.
• Review and process all insurance claims and coordinate all necessary activity between the college and its insurance carriers.
• Assist and advocate for institution in the claims process; claim reporting, claim monitoring and the preparation of proofs of loss or claims report. Obtain claim reports and loss runs and verify their accuracy.
• Provide other professional or technical services as may be needed such as evaluating existing insurance contracts and making recommendations with respect to changes or modifications that are deemed in the best interest of institution.
• Place insurance per directions of college and provide insurance coverage binders and certificates of insurance upon request. Provide coverage summary, policies, endorsements, and other documents in a timely manner as agreed upon by both parties.
• Serve as a consultant on an as-needed basis to answer questions regarding all risk management issues.
PROPOSAL CONTENT
The information provided herein is intended to assist Bidders with a proper response to this RFP. CMC believes that this RFP provides interested Bidders with sufficient information to submit proposals that meet minimum requirements. However, the RFP is not intended to limit a proposal’s content or to exclude any relevant or essential data. Bidders are encouraged to include additional information that will substantiate their service capabilities, product quality, and commitment to support your product or service. Any exceptions or alternate offerings to this request must be communicated. CMC reserves the sole right to determine what is considered to be “equivalent” or “equal”. CMC also reserves the right to request samples for testing and evaluation.
Additionally, CMC recognizes you as the expert in this industry and we appreciate ideas that may improve the design or implementation of our project. Please submit your bid to the specifications provided and include information or ideas you may have that CMC should consider to improve our project. Our selection committee will carefully review these ideas and we will contact you with questions.
Include Responses to the following questions in the same outline as below.
1. General Information
a. Provide your firm’s name, address, telephone number, fax number and primary contact person for this RFP. Please include an email address for this person.
b. Provide brief company background, including years in business, volume of clients, and number of employees and areas of expertise.
c. Is firm currently for sale or involved in any transaction to acquire or to become acquired by another business entity?
d. Provide any details of all past or pending litigation or government agency action filed or claims against your firm that could affect your performance under a contract with Colorado Mountain College.
e. Please provide current financials for your firm.
2. Service Team
a. Provide biographies of staff assigned to CMC and their areas of expertise.
b. Provide information on your claims advocacy staff and their experience with Higher Education and/or public entities in Colorado.
c. If client services are to be provided by more than one office, information should be provided regarding your offices and how client services will be coordinated.
d. Describe the accessibility/availability of the service team. What types of technology does the team use to communicate with clients.
3. Services & Qualifications
a. Describe your experience and insight with Higher Education, and specifically with public higher education clients in Colorado.
b. Provide a list of at least three institutions of higher education similar to CMC in which the firm is currently providing similar services, and at least one former client that has discontinued using your services within the past 12 months. The list should include the institution name, address, contact person with email and telephone, and a brief description of the contractual relationship.
c. Describe your insurance market research services, such as reports on insurance market conditions, insurance coverage changes and developments, risk management techniques and suggestions, benchmarking reports, higher education insights. Please include particulars related to property market research.
d. List property carriers you work with.
e. Describe the Firm’s strategy for ensuring institution receives all appropriate information regarding coverage terms and conditions prior to purchasing a policy.
f. Provide examples of innovative services, risk management program design and coverage recommendations.
g. Are you aware of, and do you work with, carriers that allow for client choice of defense counsel and/or client input on settlement decisions? If yes, please comment as to policy conditions and or limitations, if any.
h. What other insurance and risk management consulting services does your firm provide?
i. Please provide the four principal insurance companies/markets that you represent and expect to use in servicing each line of coverage for our account, and explain why.
j. Are your insurance placements made through local contacts or a centralized brokerage unit? Please describe your brokering process.
k. Demonstrate an understanding of the international exposures related to international education programs and/or student internships.
l. Provide explanation of how broker will advise the College on its need to identify insurable exposures to loss.
m. Provide a listing of those areas of insurance coverage for which the broker utilizes the services of other brokers.
n. Provide a typical calendar schedule that the College can expect regarding the process of annual insurance renewals, including the kind of data that will be required of the College.
o. Provide a description of the manner and substance of an annual insurance review the College can expect from the broker.
p. Provide a list of services the firm will include within the annual flat fee rate and what frequency the services are estimated to be provided. Provide a list of rates for any services not included above but for which you believe we may be interested.
q. What capability or facilities do you have within your firm to evaluate the solvency or quality of insurers used by your firm? To what extent is this information made available to your clients?
r. State the maximum annual fee your firm would charge to provide services as described in this RFP to Colorado Mountain College.
s. CMC requires full disclosure of any compensation which the broker receives from any party as a direct or indirect result of their relationship with CMC, including contingent or override commissions. Any compensation received by the broker in relation to CMC business will be applied to the broker’s contract fee unless otherwise agreed to in writing by CMC.
o Please provide your company’s position on contingent or override commissions; do you accept or not accept contingent or override commissions?
o Please confirm that the firm is willing to disclose such commissions throughout the term of any agreement resulting from this RFP and that the firm is willing to provide evidence from insurance carriers that premiums are provided net of commissions for those policies.
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