1. Broker Requirements: • Broker shall be licensed by, and in good standing with, the State of North Carolina Department of Insurance; licenses shall be for all lines of property and casualty insurance. The brokerage firm must have at least 5 years of experience in providing brokerage service in the college arena. • Broker shall be sufficiently experienced in property and casualty insurance and risk management services to provide expert, efficient, effective, and reliable services to the College. • Broker shall have extensive and continuous relationships with the insurance markets necessary to provide the College with superior insurance alternatives that meet the College’s needs and are favorably priced relative to the risk and the current market. • The broker shall maintain the highest integrity in business relationships and practices and shall make full and timely disclosure to the College of any conflicts of interest. • The broker shall be insured for general liability, automobile liability, professional errors and omissions, and workers’ compensation. The broker shall be responsible for all employer taxes and social security due to the state and federal governments. The broker shall be responsible for all funds handled by the broker on behalf of the College 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 RCC. 2. Insurance Policy Review and Recommendations: • Evaluate the College’s current insurance policies and recommend modifications or new coverages as necessary. • Provide continuity of services, by assigning a primary broker and a backup broker who will be: - Knowledgeable in the principles and practices of risk management, and specifically risk financing for public entities. - Familiar with the collection of risks inherent in normal operations of the College - Accessible to the College on short notice. - Thoroughly knowledgeable and competent in insurance alternatives in order to provide superior services to the College. 3. Procurement of Insurance Coverage: • Solicit proposals from insurance carriers and provide comparative analysis for Randolph Community College and Randolph Community College Foundation, Inc. • Negotiate terms, premiums, and coverage options to ensure optimal value. 4. Risk Management Professional Services: • Identify potential risks and propose strategies to mitigate exposure. • Provide training and resources to College staff on risk management best practices. 5. Claims Assistance: • Assist with claim filing, tracking, and resolution. • Advocate for the College with insurance carriers as needed.
