Specifications include, but are not limited to: 1) Conduct a timely Renewal Strategy Meeting providing CalSTRS and its consultant with market intelligence, expectations regarding renewal pricing changes, and suggestions to improve program structure and coverage. 2) Develop appropriate specifications for excess general liability and excess environmental general liability coverages providing the broadest available protection and appropriate extensions of coverage, using information provided by CalSTRS’ and CalSTRS’ consultant. 3) Identify and present underwriting submissions including specifications for coverages to qualified insurance markets, both domestic and international. 4) In conjunction with CalSTRS' consultant, receive and evaluate insurer proposals and prepare and submit a written analysis to CalSTRS. Written analysis shall identify the best insurance solutions including appropriate coverage, policy limits, and premium structure. 5) Work with CalSTRS and its consultant to negotiate with underwriters on terms and conditions to obtain the most beneficial and cost-effective coverages available. 6) Obtain insurance quotations for any additional insurance coverage that CalSTRS might require. 7) Bind coverage as instructed by CalSTRS. Work to obtain prompt issuance of policies after coverage is bound. 8) Receive and promptly review policies when provided by insurers. Verify the accuracy of rates and premiums. Verify wording on new policies, binders, certificates, endorsements or other documents when they are received. Confirm that all negotiated coverage enhancements are provided and obtain revisions in such documents when needed. 9) Promptly submit originals of all policies and endorsements to the designated CalSTRS Representative and its consultant. 10) Work to maintain and improve market relations between CalSTRS and both existing and new markets, utilizing not less than annual meetings with key players. 11) Coordinate services provided by insurance carriers including safety, claims adjusting, and management information reporting. 12) Assure that all coverages are placed with financially stable insurers. 13) Act as the prime contractor for all services provided under this contract and as the primary contact regarding all obligations under this contract. 14) Attend and/or conduct meetings with CalSTRS staff and consultant as needed, being sure to include CalSTRS with domestic/international carrier meetings on at least an annual basis and maintain/develop relationships with insurers both prospective and participating in the program. 15) Conduct annual renewal strategy meetings with CalSTRS staff and consultant to recommend program specifications in comparison with prior year strategies. 16) Insurance Broker must invoice CalSTRS for premiums and any appropriate taxes/fees, and pay all participating insurers said premiums in a timely manner. Broker shall negotiate favorable payment terms with carriers on behalf of CalSTRS. 17) Allocate insurance premiums based on cost rating matrix and prepare annual billings to CalSTRS.
