Insurance Broker Services

Issuance of Request for Proposals: March 18th, 2026

Question Cut-off Date: March 25th, 2026

Proposals Due: April 2nd, 2026, 1:30 PM Prevailing Time

Tentative Contract Award Date: March 25th, 2026

A government authority located in Wanaque, New Jersey is seeking a vendor to provide comprehensive insurance broker services. Responsibilities include designing specifications for the insurance program, marketing the program for coverage as directed, and assisting in the preparation of all required applications and documents. The selected broker will help collect necessary data requested by insurance companies and suggest alternative risk financing solutions to help reduce the commission’s insurance costs.

The vendor will analyze proposals from insurance companies, negotiate favorable terms, and verify the competitiveness of coverage pricing. Additionally, the broker will deliver summaries and recommendations for various insurance program options, covering limits, retention levels, terms, and self-insurance options. The role encompasses providing ongoing analysis and risk management recommendations to ensure the commission's operations, property, and liability exposures are protected in the most cost-effective manner, including advising on coverage requirements for vendors collaborating with the commission.

It is also required that all insurance coverage be placed with reputable, financially stable insurers, and the broker must monitor and report insurer rating changes, advising the commission on any necessary actions during a policy term. The contract term is for two years, and all questions regarding this RFP must be submitted by March 25, 2026.