Specifications include, but are not limited to: 1. Work with College to manage risk and control costs. 2. Work with College to develop, recommend, negotiate and implement cost-effective insurance and/or risk financing programs. The successful broker will be expected to market all coverage lines the first contract year with renewals the subsequent years. 3. Analyze factors that are driving College’s cost of risk. 4. Prepare for and attend meetings, as reasonably requested by College. 5. Give College access to the worldwide insurance marketplace. 6. Shall represent the College, not the insurance company. 7. Obtain renewal and/or marketing information from College or its designee. 8. Access all necessary insurance companies via direct contract or by use of a secondary broker. 9. Must disclose to College the use of such a secondary broker. 10. Work with College so that College’s renewal or marketing information is comprehensive, professional, and of a character that will obtain for College the best possible response. 11. Formulate a marketing strategy at the direction of College or its designee. 12. Formally present College’s submissions to each selected market. 13. Negotiate on College’s behalf with insurance companies and keep College informed of significant developments. 14. Provide College or its designee with pricing and coverage summaries for all new coverages and updates on changes to existing pricing and coverages. 15. Place coverage as instructed by College. 16. Direct carriers to distribute policy to the College within sixty (60) days of policy inception. 17. Follow up with insurance carriers for timely issuance of policies and endorsements. 18. Review policies, endorsements, and invoices for accuracy and conformity to specifications and negotiated coverages. 19. Monitor published financial information of College’s current insurers and alert College immediately if insurer's status falls below Broker’s minimum guidelines. 20. Field questions from College relating to contractual coverage issues between College and its insurer.
