The Commonwealth is seeking to obtain an experienced contractor to provide diverse and complex insurance brokerage and consultant services related to the Commonwealth’s Excess Property, Terrorism, Equipment Breakdown, and Other Property and Casualty Coverage within the Commonwealth’s varied insurance program, which is managed by the Department of General Services, Bureau of Finance and Risk Management. Specific. The selected Offeror shall: Conduct an analysis of the Commonwealth’s real property holdings covered by its current Excess Property, Terrorism, and Equipment Breakdown coverage, and Other Property & Casualty Insurances. Advise the Commonwealth on all matters related to these insurance programs and obtain the necessary insurance coverages for the Commonwealth in the marketplace from a single insurer or a combination of insurers; and Collect the entire cost, including both premium from insurance carrier and commission of broker services from the Commonwealth as policies are bound. Broker will pay cost of insurance to their selected carrier and retain the commission charged accordingly. Broker will be required to disclose the commission retained, as requested by the Commonwealth.
