A. Design, Marketing, and Implementation of Insurance Program a. Participate in the negotiation of policy renewals for all included coverages. b. Recommend appropriate levels of risk retention/ transfer and analyze loss exposures. c. In collaboration with Virginia Tech, determine necessary renewal data to provide to underwriters. d. Identify carriers who could provide the coverage and program desired. e. Develop underwriting submission and present final draft of market submissions to Virginia Tech’s Office of Risk Management for approval prior to marketing the program. f. Solicit and evaluate quotes for insurance. g. Make introductions to underwriters and involve Virginia Tech in negotiations on price and coverage as needed. h. Facilitate negotiations with insurance carriers who submit the most favorable quotes to maximize Virginia Tech’s coverage and to minimize Virginia Tech’s cost. Broker shall maintain complete records of the quote solicitation process and shall provide copies of such records to Virginia Tech. i. Attend work sessions and/or meetings to discuss recommendations and subsequent insurance negotiations with representatives from Virginia Tech’s Office of Risk Management. j. Bind coverage and issue binders of insurance within 24 hours of award. k. Coordinate the premium and deductible billing for this insurance. l. Obtain support documentation from underwriters which detail the basis for premiums and other miscellaneous charges to assist in the administration of fair and equitable cost allocations to Virginia Tech’s operating units when so required. m. Review policies to verify conformance with specifications. n. Request, implement and monitor all required coverage changes and provide policies within 90 days of binding. o. Maintain insurance policies and coverage without lapses or duplication. p. Provide complete copies of all policies issued to Virginia Tech. q. Coordinate ongoing insurer services among the parties. B. Additional Client Services Provided by the Broker a. Keep Virginia Tech abreast of current and expected market conditions on all lines of coverage that impact higher education, insurer solvency, and insurance cost and availability trends. b. Assist Virginia Tech in review of contract documents and provide analysis and recommendations with regard to contractual risk transfer, changes in authority, wording and forms. c. Monitor exposure changes and amend policies as appropriate. d. Verify the accuracy of any bills, audits, and other premium adjustments. e. Assist Virginia Tech with requested metrics, including but not limited to: schedules of coverage, coverage maps, and TCOR analysis. f. Be available during regular business hours to answer phone calls and field questions with regard to insurance requirements for third party providers and general insurance coverage. g. Assist Virginia Tech throughout the year in coordinating and documenting insurance claims with the insurance company’s adjuster. h. Assist Virginia Tech in any coverage disputes with the insurer. i. Issue certificates of insurance within 48 hours of request. j. Assist Virginia Tech with the selection and evaluation of any commercial insurance needs that may arise during the contract period to include the placement of insurance for specialty risks not covered in the basic policies. k. Provide any needed safety/loss control services required during the contract period and/or coordinate such services through the insurer. l. Coordinate services between Virginia Tech Risk Management personnel, carrier loss control personnel, and broker loss control personnel. m. Assist Virginia Tech with insurance issues related to major new construction projects.
