Risk Management Services / Insurance Broker The Borough of Watchung desires to appoint a Risk Management Consultant who will be responsible for assisting the Borough in identifying its insurable exposures and to recommend professional methods to reduce, assume or transfer the risk loss. The Consultant shall review with the Borough any additional coverage’s that the Consultant feels should be carried but are not available from the Fund and subject to the Borough’s authorization place such coverage’s outside the fund. The Consultant shall assist the Borough in the preparation of applications, statements of values and similar documents requested by the Fund, it being understood that this agreement does not include any appraisal work by the Consultant. The Consultant shall review the Borough’s assessment as prepared by the Fund and assist the Borough in the preparation of its annual insurance budget. 1. Appointment of Risk Management Consultant. The Risk Management Consultant shall be appointed by the Borough Council (hereinafter “Council”) by a majority vote of a quorum of its members and shall serve for a term of one (1) year from the first day of January of the year of their appointment and until a successor has been appointed and qualified. The Risk Management Consultant shall be a New Jersey licensed property/casualty insurance agent or broker with demonstrated prior experience in the management of public insurance risks. The Risk Management Consultant shall be an “Insurance Producer”, pursuant to N.J.S.A. 17:22-A, but shall not be a Fund Commissioner. 2. Duties. The Risk Management Consultant (hereinafter the “Consultant”) shall: A. The Consultant shall assist the Borough in identifying its insurable the exposures and to recommend professional methods to reduce, assume or transfer risk loss. B. Assist the Borough in understanding and selecting the various coverages available from the Suburban Municipal Joint Insurance Fund. C. Review with the Borough any additional coverages that the Consultant feels should be carried but are not available from the Fund and subject to the Borough’s authorization place such coverages outside the fund. D. Assist the Borough in the preparation of applications, statements of values and similar documents requested by the Fund, it being understood that this agreement does not include any appraisal work by the Consultant. E. Review the Borough’s assessment as prepared by the Fund and assist the Borough in the preparation of its annual insurance budget. F. Review the loss and engineering reports and generally assist the afety committee in its loss containment objectives. G. Assist where needed in the settlement of claims, with the understanding that the scope of the Consultant’s involvement does not include the work normally done by a public adjustor.
