Insurance Brokerage Services

RFP for a three-year contract offering insurance brokerage and risk management services to a government agency in College Park, Maryland.

Market and obtain at least three insurance quotations for each line of coverage
Evaluate insurer financial status and provide audited statements
Provide A.M. Best ratings of carriers and notify of rating changes
Coordinate underwriting data collection and provide complete loss reports
Consider all admitted and non-admitted carriers for quotes, documenting contacts and results
Present a detailed proposal package including quotes, declinations, policy forms, and commission
Ensure all provided coverage includes a 60-day cancellation clause for non-renewal
Bind the chosen insurance policy and manage fee reimbursement
Provide claims advocacy services (excluding state self-insurance claims)
Verify accuracy of deductible and other claims billings
Review UMCP vendor contract insurance requirements and issue certificates of insurance
Review UMCP insurance provisions in vendor contracts for industry alignment
Provide annual loss reports at least 60 days before expiration
Act as UMCP's advocate in negotiations with insurers and intermediaries
Offer innovative risk management and insurance product recommendations
Verify accuracy of insurance documents received from insurers
Act as a liaison with insurers on loss control audits and recommendations
Provide electronic copies of all policies and graphic displays for multi-layered coverages
Prepare certificates of insurance and endorsements as requested
Assist UMCP with adding new coverages without additional broker service fees
Develop and present a written renewal strategy at least 120 days before expiration
Annually create a Schedule of Insurance with policy details
Disclose coverage enhancements and restrictions on renewal quotes at least 30 days before expiration
Obtain clarifications from insurers, underwriters, or adjusters regarding coverage or claims
Provide a Binder of Insurance for coverages placed prior to current policy expiration
Submit an annual stewardship report by July each year
Provide periodic benchmarking information on limits, deductibles, and coverages upon request
Notify the University of new or pending legislation impacting insurance and assist with implementation
Provide estimated premiums annually for budget projections upon request
For student athletic injury insurance, provide monthly expenditure reports and negotiate costs with facilities/providers
Accept insurance premium payments within 30 days of invoice
Allow UMCP to audit procedures for contract compliance
Provide annually audited financial statements with an unqualified opinion
Describe firm's ability to analyze the property and casualty insurance market and its impact on UMCP's program
Describe how market analysis updates will be reported to UMCP
Provide company history, expertise, and higher education achievements
Provide an organizational chart and proposed staffing for the contract
Provide resumes and biographies for all key personnel assigned to the contract
Provide a list of higher education institution clients, highlighting those in Maryland
Provide three references for prior broker services, with at least two from higher education clients of similar size and scope
Commit to attending at least 3 face-to-face meetings at the College Park campus as needed
Provide meeting notes within five working days of any meetings
Describe plans for key personnel absences, including client notification and replacement qualifications
Maintain all necessary permits and licenses required by local, State, and Federal laws
Describe customer service philosophy and standards for service and response time (within 24 hours for email/phone)
Discuss major challenges facing universities and how the firm addresses them
Describe client satisfaction measurement processes
Explain insurer solvency evaluation, ensuring AM Best rating of A- or better
List risk and insurance professional association affiliations, especially those supporting higher education
Describe educational and professional development opportunities offered to higher education clients
Provide estimated percentage of contract dollars recycled into Maryland's economy
Provide number and types of jobs for Maryland residents resulting from the contract
Provide forecast of tax revenues generated for Maryland and its political subdivisions
Provide estimated percentage of subcontract/supplier dollars committed to Maryland small businesses and MBEs
Provide estimated percentage of subcontract/supplier dollars committed to 'local' Maryland businesses
Describe other benefits to the Maryland economy resulting from the contract award
Comply with all federal, state, and local laws, regulations, and ordinances
Obtain all necessary licenses, permits, insurance, and governmental approvals
Maintain confidentiality of UMD data and not release information without prior written approval
Comply with US export control regulations
Comply with FERPA, Gramm-Leach Bliley Act, and HIPAA (if applicable)
Maintain information security policies and procedures for nonpublic personal information
Maintain specific insurance coverages and name UMD as 'Additional Insured'
Comply with Investment Activities in Iran certification
Comply with Mandatory Reporting of Suspected Child Abuse and Neglect policy
Comply with Non-Discrimination in Employment
Comply with Non-Hiring of Officials and Employees
Comply with Non-Visual Access Clause (if applicable)
Allow UMD ownership of documents and materials created under the contract
Contractor is responsible for acquiring parking permits and obeying regulations on campus
Comply with Political Contribution Disclosure requirements
Responsible for all damage to life and property due to activities
Retain and maintain records for three years
Ensure all materials, equipment, supplies, or services conform to federal and State laws and regulations and specifications
Ensure software contracts are not governed by UCITA and contain no malicious code
Do not subcontract or assign services without prior written consent
Comply with Corporate Diversity Addendum (if applicable)
Comply with IT Accessibility Addendum (if applicable)
Comply with Sensitive and Secure Data Addendum (if applicable), including data protection, security incidents, PCI DSS, FERPA, and HIPAA compliance
Comply with Section 889 of Public Law 115-232 regarding telecommunications and video surveillance

$1,500,000 – $6,000,000

Issue Date: March 5th, 2026

Pre-Proposal Conference: March 11th, 2026 at 11:00 A.M. ET

Deadline for Questions: March 18th, 2026 at 1:00 PM EST/EDT

Proposal Due Date: March 27th, 2026 at 1:00 PM EST/EDT

University of Maryland College Park

Organization overview and procurement intelligence available on paid plans.

The government authority in College Park, Maryland is seeking a vendor to provide comprehensive insurance brokerage services. The selected company will be responsible for delivering a full range of brokerage and risk management offerings, including the marketing and placement of various lines of insurance, as well as consulting on coverage issues, contracts, and self-insurance operations.

The contract period will be three years. To support the procurement process, an optional pre-bid meeting will be held on March 11, 2026, and all questions must be submitted by March 18, 2025.

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