Summary of Specifications:
The City of Miami Beach requests proposals submissions for a Broker of Record (Property & Liability Insurance) for the Risk Management Division. The City requires that the selected Broker/Agent provide, at a minimum, the following services: 1. Provide assistance to the City's Risk Manager in determining the City's commercial insurance needs. 2. Prepare reports informing the City's Risk Manager regarding insurance market conditions that may affect the City's policies and risk exposures prior to policy renewal. 3. Prepare bid specifications and underwriting data (subject to the approval of the City's Risk Manager) to submit to acceptable insurance markets for the purpose of obtaining quotations for insurance coverage. 4. Upon direction from the City, approach all acceptable insurance companies on behalf of the City, and obtain written, competitive quotes for insurance coverage. A complete list of the companies contacted, along with their response, must be submitted. 5. Present to the City all insurance coverage proposals obtained. This report must contain a comprehensive analysis by the broker of the proposals obtained with recommendations for the selection of one proposal for the particular risk to be covered. 6. Negotiate, on behalf of, and with direction from, the City with all insurance carriers to obtain the best prices, terms and conditions available. 7. Review all insurance policies and invoices received for policies purchased by the City to assure their accuracy and appropriateness. 8. Review and evaluate existing City policies to provide recommendations for possible improvement of price, terms, and conditions. 9. Service existing policies as necessary. This includes but is not limited to, issuing certificates of insurance to provide evidence of coverage, promptly making policy changes, and obtaining endorsements. 10. Report any claims to the insurance carrier and monitor the handling and disposition of the claim to assure the City's policy rights are protected. 11. Provide an annual report summarizing all insurance coverage in place, anticipated market conditions, recommendations and strategies.
