Provide the Borough of Roselle with comprehensive property and casualty insurance as brokers for the Borough. Services to be provided to the Borough shall include but not be limited to the following: a) Firm must be responsible for negotiating annual renewal of existing coverage; b) Firm must prepare all necessary bid specifications, in the event the coverage is marketed, and evaluate all bids that are received; c) Firm must provide the central administration with reasonable preliminary renewal figures during the budget process; d) Firm must be available to attend Council, Committee or other meetings whenever necessary; e) Assistance with the development of long-range insurance strategies; f) Management of the Borough of Roselle insurance program as assigned; g) Review of both insurance policies and contracts to ensure adequate coverage; h) Recommendations and assistance in the procurement of all insurance coverage, including preparation of any required RFQ’s; i) Analysis of proposals in connection with insurance procurement, including but not limited to, establishing selection criteria, recommending marketplaces, evaluation of proposals and involvement in the selection process; j) Identification and analysis of risks arising out of current and future operations; k) Preparation of specifications for quotations every three (3) years or sooner, as required by the Borough; l) Loss Control and Safety Review Services; m)Coordination of appraisals of physical assets to determine proper insurable values, limits required and special terms required by the Borough; n) Continuous review and analysis of loss information from current and prior insurance companies; o) Review of contracts for insurance compliance; p) Acting as liaison between the Borough and insurance carriers and claimants; q) Monitor, review and present data to help manage claims on all current and future policies; r) Review and analysis of rating classifications on various insurance contracts to determine the most beneficial ones to utilize; s) Continuous review and analysis of insurance coverage and policies to keep up with industry changes, continuing operations and growth; t) Research and analysis of alternatives to current risk funding mechanisms to meet the changing needs of the Borough; u) Preparation of all certificates of insurance, automobile identification cards and other required documents within 24 hours of the Borough’s request; v) Notification of Borough staff as to local, state and federal regulations and recommendations for compliance as required; w)Participation in on-going meetings with Borough staff to review losses, safety recommendations, government regulations, insurance regulations, etc; x) Review of audits or current and previous policies for accuracy and potential premium savings; y) Identification of areas of risk and the associated strengths and weakness of the Borough to manage those risks; z) Assistance in the development of alternative strategies to reduce risk to assets and resources; aa) Provision of monitoring feedback via loss runs and associated analysis to verify the adequacy of the controls selected as well as checks for negative trends which may require corrective action.
