1.01 Property Insurance, Liability Insurance, and Workers’ Compensation and Employers’ Liability Insurance Broker Services The following will provided by Company. A. Keep in force all licenses and permits required to perform insurance broker services. B. Design specifications for the Authority’s Property, Liability, and Workers’ Compensation and Employers’ liability insurance program and market the program for coverage when instructed to do so by the Authority, including assisting the Authority in the completion of all applications, documents and gathering data which may be requested by insurance companies. C. Represent the Authority in all negotiations with insurers, underwriters and other parties regarding the Insurance Program. D. Monitor legislative changes at local, state, and federal level, and notify and advise Authority with respect to any pending legislation which may impact Authority insurance and risk management programs. E. Provide the Authority with a summary of various insurance program options, including but not limited to, limits, coverages, retention levels, terms, conditions, payment options and self-insurance. F. Request quotes from various insurance companies and other parties, analyze proposals received, negotiate changes for the benefit of the Authority and verify the reasonableness of the price for the coverage provided, and provide all of the above items to Authority in advance of Authority Board meetings, as may be required. G. Provide technical expertise to the Authority in review of quotes and insurance plans. H. Ensure insurance policies are placed with reputable and financially responsible insurers based on AM Best ratings and other criteria as approved by the Authority. I. Keep the Authority informed of all changes in the rating of the insurers and provide recommendations should AM Best ratings change during the insurance policy term. J. Submit all premiums/payments to carriers and other parties. All Authority payments/premiums will be made to the Company. K. Identify whether coverage gaps exist and provide recommendations on how to mitigate. L. Provide to the Authority, on an annual basis, copies of computer catastrophe modeling studies to be used in the marketing of the Property Insurance program. M. Monitor the conditions of the insurance marketplace and report to the Authority Director of Enterprise Risk Management and Records Compliance or designee on how such conditions may affect Authority insurance policies. N. Accompany insurer’s representatives as they make site inspections for the Property insurance program. Review and comment on insurer loss control activities and provide recommendations for improvements.
