Instructions for Brokers 1. Purpose The purpose of the Request for Proposals is to select a brokerage firm to obtain competitive program alternatives for the Corporate Property and Casualty Insurance Program covering the Township of Bloomfield. All Brokers shall be currently licensed and authorized by the State of New Jersey Department of Banking and Insurance to do business in the State of New Jersey. The Township of Bloomfield will exercise its right to review, revise, and approve written and other communication material sent to providers or potential providers. 2. Broker Services Required The Township of Bloomfield recognizes the importance of direct communication and continuous availability of the Broker. The Broker of Record will work directly with the Township Administrator in the best interest of the Township and will provide assistance and advice to the Township Council upon request The broker services will include, but not limited to, the following: Attendance at all meetings at the request of Township Administration and/or the Mayor and Township Council and, as needed, appropriate committee meetings. Assist in the review/drafting of coverage documents. Issue all certificates of insurance in order to meet the needs of the Township, in accordance with the standards, procedures and specifications set by the Township of Bloomfield. Canvass the insurance market for appropriate carriers or reinsurers. Provide ongoing review and advice to the Township Administrator on market trends and pricing. Develop renewal proposals in conformity with the time frame specified by the Township of Bloomfield. Arrange access to underwriters and negotiate coverage terms in the best interest of the Township of Bloomfield. {00127335.1 } Prepare a written report to the Township Administrator on the annual coverage renewal and other insurance issues, as needed. Bind approved coverage and confirm placement in writing.
