Specifications include, but are not limited to: • Broker shall be sufficiently experienced in property and casualty insurance and risk management services to provide expert, efficient, effective, and reliable services to the City. The Broker shall at a minimum provide the following services: • With the exception of 2024, broker shall market Bonds, Auto Liability & Physical Damage, Employment Practices Liability, Fine Arts Inland Marine, General Liability, Liquor Liability, Inland Marine, Law Enforcement Legal Liability, Public Officials Liability, Umbrella Liability, Property, Crime, Ocean Marine (P&I, Hull & Pollution), Volunteer Accident and Excess Workers’ Compensation. • Every effort should be made for Insurance proposals to be submitted by June 1st of each year for the CITY’S review, with the exception of 2024 that has a due date of June 6th. • Proposals should only be submitted from insurance providers with at least a 5-year history of providing municipal/public entity insurance coverage. The insurance company’s A.M. Best rating should be a factor. The CITY has no desire to serve as a test market for new companies. • Brokers’ recommendations to purchase insurance shall be made in writing and shall be sufficiently detailed to explain alternatives and support the recommended decision. • Broker shall have extensive and continuous relationships with the insurance markets necessary to provide the City with superior insurance alternatives that meet the City’s needs and are favorably priced relative to the risk and the current market. • Broker shall provide continuity of services, by assigning a primary broker and a back-up broker who will be: • Knowledgeable in the principles and practices of risk management • Familiar with the City as a risk • Accessible to the City on short notice • Thoroughly knowledgeable and competent in insurance alternatives • Broker shall be insured for general liability, vehicle liability, professional errors and omissions, and workers’ compensation; Broker shall be responsible for all employer taxes and social security due to the state and federal governments; Broker shall be responsible for all funds handled by Broker on behalf of the City, and shall carry a bond sufficient to cover any losses of this nature; Broker shall not sub-contract work without the prior written permission of the City. • Broker shall work with the City to evaluate the current plan of insurance policies and to recommend appropriate or advantageous changes; renewals shall be affected in a timely manner, to meet the City’s internal time requirements and also maintain coverage. • Broker shall maintain office hours consistent with the City’s core business hours (Monday – Friday, 8:00 a.m. – 5:00 p.m.). Alternatives to maintaining these core business hours will be considered if they include provisions for responding to requests for contact within one business day. • Broker shall keep written records of marketing efforts and shall make this information available to the City upon request.
