Specifications include, but are not limited to: a. Utilizing a worldwide insurance marketplace, comparison shop from a variety of insurance markets to focus on the best prices and coverage for GSD/RMD. b. In collaboration with the GSD/RMD, negotiate with insurance markets in meeting the specifically identified needs of the GSD/RMD. GSD/RMD shall make the final decision as to insurers recommended by the contractor. The Contractor shall provide to the Agency all contact information for the underwriter(s) selected and inform the Agency when such contact information changes. The Contractor shall not independently contact insured-covered entities. In the event a covered entity directly contacts the Contractor, the contractor shall inform the Agency of such notice but take no further action until directed by the Agency. c. Monitor and examine online and through published financial information GSD/RMD’s property and casualty insurers to provide GSD/RMD with timely notice if an insurer’s Insurance Services Office rating as well as its rating with AM Best falls below the minimum standards required by GSD/RMD. d. Follow up with GSD/RMD’s property and casualty insurance carriers to ensure timely issuance of policies and endorsements and provide a written report to the Agency on the status of responses. e. Review property and casualty insurance policies and endorsements quarterly to maintain accuracy and conformity to specifications and negotiated coverage. Such review and findings shall be provided in writing to the Agency at the end of each quarter. f. Provide to Agency and its covered entities, coverage summaries for all new property and casualty insurance coverages issued. Provide RMD Director with a copy of updates, including any changes that may occur with existing coverage. Such information shall also be provided to the RMD Loss Control Bureau Chief. g. Conduct one appraisal of all State covered property during the four-year contract period and include a detailed report of all property appraised with total insured values. As requested and agreed upon between the contractor and GSD/RMD, the contractor may utilize the services of other intermediaries to assist in marketing GSD/RMD's insurance needs, when in the Contractor's professional judgment, it is necessary or appropriate. If such intermediaries are used, the compensation of such intermediaries is the sole responsibility of the Contractor. The Contractor shall not, nor through its intermediaries, reach out directly to any of the state agencies. If a request is made directly to the Contractor, the Contractor shall take no action and immediately inform the Agency, so the appropriate permissions are provided. If the Contractor does reach out directly to agencies without informing the Agency’s Loss Control Bureau, the Contractor may be found in breach of contract and the contract may be terminated. h. When excess insurance policies are requested or otherwise necessary, the contractor shall obtain and review all excess insurance policy documents for conformity with the Agency's coverage document and secure any necessary corrections to the policy on GSD/RMD's behalf.
