1. Immediately upon contract execution, the respondent will assign a primary account representative to perform an in-depth analysis of WMATA’s current insurance programs, gathering all requisite exposure data and loss data from WMATA for use in the development of coverage specifications, and use this information to make recommendations regarding areas of concern, and present alternative solutions to address such concerns. This initial risk profile review will be provided to WMATA approximately sixty (60) days from the contract execution date. Subsequent Risk Profile Reviews will be provided annually, one hundred twenty (120) days prior to WMATA’s July 1st policy expiration date, for every year covered under this contract. The report shall include: i) Review of the prior policy year: a. Summary of schedule of policies in force b. Summary of coverage provisions c. Summary of premiums d. Summary of specific insurance liability limits e. Deductibles and self-insured retention review f. Summary of Insurance claims g. Summary of Broker support services rendered during the prior policy year h. In the event commissions are paid on any policy, the respondent will report actual commissions earned on all business placed by the Broker on behalf of WMATA ii) Recommendations: a. Recommendations for elimination of any gaps and/or overlaps in overall WMATA’s insurance coverage b. Recommendations to reduce WMATA’s risk exposure c. Recommendations for possible adjustments to insurance coverage for the next policy year d. Recommendations for additional broker services not included in this RFP for the next policy year, if applicable iii) Forecast: a. Forecast of insurance premiums and service costs for the upcoming fiscal year b. Forecast of the insurance industry and how changes may affect the upcoming fiscal year 4.1.2. Throughout the life of the contract, ensure that WMATA and its contractors maintain appropriate levels of insurance and notify WMATA of any new developments in the insurance industry that may impact its insurance coverage. As WMATA operations change, identify new issues, exposures, and potential gaps in coverage, keeping WMATA’s informed of significant insurance matters that will impact WMATA’s risk exposure and insurance program. 4.1.3. Coordinate insurance coverage between WMATA and its contractors, thereby mitigating duplicative insurance coverage. 4.1.4. Provide annual assistance with the update of WMATA’ s property schedule, including property inspections/surveys, researching details about said properties if requested by insurance carriers, and making recommendations to lower premiums. 4.1.5. Throughout the life of the contract, monitor financial information of WMATA’s current insurers and immediately notify WMATA if any carrier on WMATA’s program has been downgraded by A. M. Best or is on a negative watch. Present a strategy to replace the affected carrier in a report for review by WMATA within fifteen (15) calendar days of notification to WMATA. 4.2 Task 2: Insurance Renewal Services 4.2.1. Provide annually a schedule for WMATA’s insurance program renewal, including timelines and assignments at least one hundred twenty (120) days prior to WMATA’s July 1st policy expiration. This schedule must include the Risk Profile Review, as specified in Section Task 1. 4.2.2. Work with WMATA to organize, develop, and present WMATA’s operations/company risk profile and insurance coverage requirements to insurance underwriters. 4.2.3. After review and approval by both the respondent and WMATA, the respondent shall submit coverage specifications to insurance carriers for consideration, utilizing all marketing facilities, and canvass all of the markets in-depth for competitive proposals. 4.2.4. Evaluate insurance underwriter bids and present WMATA with a package of insurance policy terms, conditions, and premiums that best reflect WMATA’s goals and objectives, including: 4.2.4. 1 a narrative describing competitive bidding, 4.2.4. 2 a matrix comparing insurance policy proposals, and 4.2.4 3 recommendations regarding insurance carriers, coverage limits, premiums, terms, conditions, and risk exposure 4.2.5. Obtain coverage net of commissions, where possible. 4.2.6. Renewal quotes must be provided at least sixty (60) days prior if possible, to the July 1st insurance policy renewal. 4.2.7. Negotiate insurance policy terms prior to binding coverage, keeping WMATA fully informed of the marketing process. No insurance coverage, terms, or conditions may be bound without WMATA’s prior written authorization. 4.2.8. Review proposed insurance policies and endorsements for accuracy and conformity to specifications and negotiated coverage. 4.2.9. Deliver all insurance policies to WMATA within thirty (30) days after the insurance coverage is bound on July 1st of each year; this should include a complete summary of WMATA’s insurance program, including insurance policy limits, terms, premiums, deductibles, insurance carrier, and any other relevant information for each insurance policy. 4.3 Task 3: WMATA’s Third-Party Agreements/Contractual Risk Services 4.3.1. Review/recommend changes to standard insurance specifications for all of WMATA’ s procurement documents. 4.3.2. Advise on WMATA’s insurance requirements for its major construction projects to ensure that adequate insurance coverage is provided by WMATA and the contracting party; this will include negotiation with contractors, developers, tenants, vendors, and their insurance brokers to ensure proper protection for WMATA is in place via risk transfer, indemnification, and additional insured status.
