Specifications include, but are not limited to: 2.1 Account Management 2.1.1 Assign a dedicated (but not necessarily exclusive) Vendor Account Manager to work directly with the MDFA OI Representative. 2.1.2 Work with and be responsive to MDFA in all areas customarily related to placing the insurance coverages; 2.1.3 Serve as liaison between OI and the selected insurers, keeping OI fully apprised of any and all matters that materially impact the coverage; 2.2 Commercial Broker and Consulting Services The selected vendor’s duties and responsibilities shall include, but are not limited to, the following: 2.2.1 Act as broker-of-record for existing and new coverages placed during the contract term; 2.2.2 Develop and place the most effective and cost-efficient insurance coverages and provide a range of consulting services associated with the Statewide property program; 2.2.3 Provide brokerage, consulting, and other related services to assist OI in fulfilling its critical role to ensure proper protection of the State’s assets and activities on behalf of the State’s citizens and taxpayers; 2.2.4 Assist MDFA in procuring, maintaining and servicing appropriate property, cyber liability, equipment breakdown, fine arts, broadcasters’ equipment, terrorism, NFIP flood insurance, and other potential ancillary insurance coverages from qualified insurers at competitive levels of premium; 2.2.5 Solicit and provide competitive coverage options and alternatives that possess the bestnegotiated terms, rates, and conditions from qualified carriers that fit within the overall mandatory limits, deductibles, and retentions; 2.2.6 Identify programs, products, and markets capable of meeting the State’s coverage needs; 2.2.7 Act as an advocate for MDFA in communications with the domestic and international markets and intermediaries, including negotiations of the lowest possible fees and/or deductible options; 2.2.8 Develop and implement strategy to generate and maintain competitive interest in MDFA’s insurance coverages from the available domestic/international markets; 2.2.9 Advise and consult with MDFA as to the type and format of data that needs to be collected and maintained for exposure analysis in order to optimize marketing, modeling, and renewing of the coverages; 2.2.10 Identify and organize pertinent information to effectively market the State’s property coverage program
