The City of Atlantic City is seeking proposals for Insurance Broker of Record services for a one-year period with two one-year extension options. Proposals must be submitted electronically by August 6, 2020, at 10:00 AM. Key services include advising on insurance programs, evaluating exposures, obtaining bids, reviewing coverage, assisting with the insurance budget, reviewing losses, and liaising with carriers. Respondents must possess required licenses and demonstrate professional capabilities. Evaluation criteria include fees, carrier relationships, references, and knowledge of the city. Compensation will be a fixed annual fee, with specific restrictions on accepting compensation from third parties.
Proposals must be electronically uploaded by Thursday, August 6, 2020, at 10:00 AM prevailing time. Proposals shall be received by the City of Atlantic City on, Thursday, August 6, at 10:00am prevailing time electronically to the City, through eprocurement platform.
Compensation shall be a fixed annual fee, paid either directly by the City or by credits for commissions, whichever is more favorable to the City. Compensation shall be fixed annual fee to be paid either directly by the City or by credits for commissions paid, whichever is more favorable to the City.
Proposals will be evaluated based on consultant/management fees and costs (30 points), relationships with a diverse group of insurance carriers (30 points), references and reputation (30 points), and knowledge of the City of Atlantic City and the subject matter (10 points). The City shall evaluate proposals on the basis of the following factors: consultantmanagement fees and costs 30 points Relationships with a diverse group of insurance carriers 30 points References and reputation 30 points Knowledge of the City of Atlantic City and the subject matter addressed under the contract 10 points.
Respondents must possess both an agency license and individual licenses from the New Jersey Department of Banking and Insurance. They must also demonstrate continuing capabilities to perform the services. The broker of record shall possess both an agency license and individual licenses for those persons who would be assigned to provide services to the City of Atlantic City, from the New Jersey Department of Banking and Insurance.
Failure to comply with affirmative action laws, submitting incomplete or irregular proposals, or failing to provide proof of business registration can lead to disqualification. The City shall have the right to reject any or all proposals, reject a proposal not accompanied by the information required by the competitive contracting RFP, or reject a proposal which is in any way incomplete or irregular.