The selected Consultant will represent the Authority in the procurement of insurance policies as requested. All insurance policies shall be quoted net of commission. Tasks will include: Review and evaluation of the current Property & Casualty insurance program to identify potential gaps in coverages, uninsured or over insured exposures, and potential program improvements; Analysis of current coverage limits and deductible structures, and recommendation of changes and program adjustments as needed; Evaluation and identification of the potential benefits of obtaining coverage through intergovernmental risk pools, commercial insurance, and self-insurance. Provide recommendations and advice on alternatives or options; Collect, organize and review underwriting data; Prepare submission to solicit insurance quotations from qualified insurers; Market the insurance needs of the Authority as a Broker of Record; Objectively evaluate and recommend proposals offering the broadest coverage terms and favorable premiums; Assist the Authority in selection of appropriate policies to purchase; Provide all coverage analysis and recommendations to include any applicable presentations and board memos for Authority Board of directors and applicable board committee within the timeframes required by the Authority. Place requested coverage on behalf of the Authority; Review policies and invoices for accuracy and process any changes as needed; and, Advise the Authority on any new developments or changes in the overall insurance market, including new coverages introduced, and proactively communicate any potential impact. Provide consultation and assistance with procuring, placing, and administering programs to include but not limited to 1305 Network, 504 Plan, and Rolling Owner Controlled Insurance Program (ROCIP), parametric insuance, Business Continuity, Captives, and Asset Management should TRA elect such program(s).
