Specifications include, but are not limited to: The Fund is seeking an Insurance Broker of Record to: • Review and assist in the placement of the Fund’s excess loss reinsurance; • Recommend and provide options for placing coverage addressing the Fund’s exposure; • Recommend and provide options for placing coverage addressing additional exposures of the Fund’s unique policyholders, such as equipment breakdown coverage, business income/extra expense coverage, or historical building replace cost coverage; • Help provide efficient and effective reinsurance program administration; and • Perform additional services deemed necessary by the Fund, as further described in Section 3.01 – Scope of Work. The objective is to obtain sufficient protection for the Fund and its policyholders, in terms of excess loss insurance coverage. The Fund’s property reinsurance coverage must be procured annually effective August 1, in accordance with N.D.C.C. § 26.1-22-21. Offerors must assure availability to commence services immediately upon execution of the contract in accordance with the contract schedule set out in Section 3.07. Proposals for the upcoming reinsurance contract must be presented to the Industrial Commission in June each year in order to complete timely placement of the reinsurance contract by August 1. It is the intent of the State to award a single insurance broker contract to the most beneficial proposal from an insurance broker firm. The firm must designate at least one qualified individual as account manager to reside in North Dakota and manage the responsibilities and carry out the services required under the contract.
