Specifications include, but are not limited to: 2.1.1.Insurance Policy Administration 2.1.1.1. Secure insurance policies meeting or exceeding the coverage, terms, conditions and policy limits of expiring policies annually. 2.1.1.2. Send insurance applications to the Office of Risk Management (“ORM”) for completion prior to submission to insurance carriers. 2.1.1.3. Once annual renewal results from insurance companies are received by the Contractor, the Contractor shall issue a renewal summary report with recommendation for insurance policy coverage that best meets the needs of the State. The report shall provide information on each carrier, their A.M. Best rating, whether admitted to Vermont or not, expiring premium for current policy term and proposed premium for upcoming policy term. The report shall identify which carriers were approached, their quotation or declination and reason. The report shall identify exposure changes from the prior policy year to present policy year. The report shall identify any binding subjectivities required by the carriers. The report shall identify premium saving options. 2.1.1.4. Secure Director of Risk Management or designee’s written authorization to bind coverage. The State shall have the final decision on which insurance carriers with which to bind coverage. 2.1.1.5. Delivery of insurance policies and endorsements to ORM within one hundred and twenty (120) days of policy inception. 2.1.1.6. Verify the accuracy of policy language, coverage endorsements, exclusions and other terms and conditions consistent with placement noting variations from the previous policy term, prior to sending to ORM. 2.1.1.7. Issue schedule or outline of all insurance policies and coverage limits within ninety (90) days of policy inception. 2.1.1.8. Facilitate certificate of insurance requests within one business day of request. 2.1.1.9. During policy term, process administrative tasks such as policy change requests, audit inquiries, policy billing, endorsement processing. 2.1.1.10. Insurance policies currently handled by incumbent brokers will be maintained by those brokers until the expiration dates of the policies. At the time of expiration date, the policies may be transferred to the broker(s) awarded contract(s) as a result of this RFP. Broker of record letters may be issued to carriers after contract(s) executed as a result of this RFP. 2.1.2. Insurance Analysis and Consultation for policies covered by this RFP 2.1.2.1. Upon request of the State, provide claim advocacy services, facilitate claim reviews with carriers plus facilitate and attend meetings with carrier adjusters, underwriters and/or management. 2.1.2.2. Upon request of the State, review of vendor insurance coverage type and policy limits in State RFPs, grants and contracts. Provide recommendations for adequate insurance coverage type and policy limits. 2.1.2.3. Send information or reports to the State on a quarterly basis on insurance market trends for general liability, automobile liability, property, flood and cyber insurance coverages. Upon the request of the State, attend meetings to discuss insurance market trends that may impact the State’s insurance renewal. 2.1.2.4. Issue annual insurance overview report analyzing the State’s current insurance policies. Exposure and coverage review for insurance policies to identify insurance gap analysis and provide recommendations. Report will be issued once a year on a mutually agreed upon date. 2.1.2.5. Issue annual stewardship report which is an overview of all aspects of the services provided. Report will include mutually agreed upon initiatives for the upcoming year. Report covers observations and recommendations to facilitate greater efficiencies in deploying risk management initiatives to improve protection of the State’s fiscal and physical assets. Report will be issued once a year on a mutually agreed upon date.
