Insurance Broker of Record - Reinsurance Broker for Property and Casualty lines, Risk Management and

The contract involves the Department of Management Services, acting on behalf of the Department of Financial Services' Division of Risk Management, seeking a qualified vendor to serve as the Broker of Record/Reinsurance Broker for property and casualty insurance, as well as providing comprehensive risk management consulting services. The scope includes determining excess insurance or reinsurance coverage necessary to support coverage provided to state agencies and universities, with the authority granted under specific Florida Statutes. The contract size is estimated to be between 5 million and 15 million dollars, emphasizing a significant engagement aimed at managing substantial property and casualty risks across Florida state entities. The core responsibilities encompass securing reinsurance arrangements, managing property and casualty insurance programs, and offering risk management expertise. The contract emphasizes detailed coverage provisions, including property damage, causes of loss such as fire, wind, flood, and sinkhole collapse, and additional coverages like debris removal and preservation of property. It also specifies exclusions related to earth movement, war, nuclear hazards, and water damage, among others. The contract incorporates detailed loss conditions, including duties in the event of a claim, valuation methods, and cooperation requirements. It references the provision of property certificates of coverage under a self-insurance framework, governed by Florida statutes, with specific limits and deductibles outlined, notably a $2,500 deductible for most claims and flood-specific limits under the National Flood Insurance Program. The agreement also stipulates compliance with statutory and regulatory requirements, fire protection standards, and proper documentation and reporting procedures, ensuring a robust risk management and insurance oversight mechanism for the state's assets.