The awarded broker (contractor) must provide insurance brokerage services for FMU in accordance with the following requirements and provisions: 1. Provide expert advice on the necessity and adequacy of current insurance policies. 2. Provide expert advice on coverages and limits for insurance that FMU currently obtains through the State Insurance Reserve Fund. 3. Provide expert advice on obtaining additional insurance policies commonly purchased by universities that may include director’s and officer’s (D&O) insurance, employment practices liability insurance (EPLI), Clubs & Organizations Insurance, Accident Insurance, and/or additional policies. 4. Assist FMU in the design of insurance policy forms and coverages as needed. 5. Seek competitive market coverage on an unbiased basis and in the best interest of FMU, based on desired policy coverages. 6. Assist in the preparation of underwriting data, statements of values, specifications, applications, and other data required by insurers to obtain insurance. 7. Verify the accuracy and adequacy of all binders, policies, policy endorsements, invoices, and other insurance-related documents as needed. 8. Issue certificates of insurance and assist in answering coverage questions. 9. Assist FMU in the preparation of proof of loss or claims reports, and in obtaining loss settlements from insurers.Prepare an annual market analysis and insurance forecast for agreed upon insurances to include information on trends, market availability, pricing, and long-term market directions. 10. Attend meetings, if requested.
