Specifications include, but are not limited to: At the direction of MassDOT’s Contract Officer or his/her designee, the Broker agrees to provide the following insurance brokerage services related to placement and management of insurance on behalf of MassDOT: Strategy Acquire knowledge of MassDOT’s exposures to accidental loss, and assist MassDOT in developing strategies for managing such exposures, consistent with MassDOT’s Risk Management goals. Identify and analyze factors that contribute to MassDOT’s cost of risk and look for creative ways to manage them. Gain an understanding of MassDOT’s risk financing objectives, analyze and evaluate alternative risk financing solutions, and provide recommendations on the solution that will best meet those objectives, including recommended coverages, policy limits, and risk retention levels. Marketing Advise MassDOT on exposure and underwriting data that will lead to effective marketing of MassDOT’s loss exposures. Assist MassDOT in developing underwriting specifications and applications for coverage. Recommend insurance markets appropriate for the risks involved, and obtain MassDOT’s concurrence with respect to the use of such markets. Structure programs consistent with the renewal specifications. Negotiate with insurers on behalf of MassDOT with respect to such programs, and keep MassDOT informed of progress with respect to negotiations... Obtain and evaluate quotations received, and provide MassDOT with recommendations with respect to such quotations. Account Management Attend meetings with MassDOT’s Contract Officer or his/her designee, as requested, to review and discuss open items, claims activity, renewal activities, new exposures, etc. Ensure accountability and timelines related to any open items. Submit an annual report to include a current schedule of insurance placements, renewal activity timelines, significant claims activity and history, and proposed initiatives for improving the program. Inform the Contract Officer or his/her designee of relevant changes in the insurance marketplace, and provide an annual forecast of market conditions. Monitor the financial condition of insurance companies providing coverage to MassDOT, and provide advice on dealing with actual or anticipated rating downgrades.
