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Maryland Treasurer's Office·Maryland

Insurance Broker Services For Property/Package Coverages RFP # PROP/PKG-12192025

Closes 1/30/2026$1M – $5MRequest for Proposal
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Description

The Maryland State Treasurer's Office is seeking insurance broker services for property/package coverages. The selected insurance broker will provide services including marketing, managing, and servicing existing coverages, as well as presenting competitive quotes and recommendations to the Office. The broker will also be responsible for providing risk management and professional services, and assisting with training classes for State agency personnel as needed. The contract duration is five years with two one-year renewal option periods. Key aspects of the job include: • Providing insurance broker services for property/package coverages • Marketing, managing, and servicing existing coverages • Presenting competitive quotes and recommendations to the Office • Providing risk management and professional services • Assisting with training classes for State agency personnel as needed • Maintaining a drug and alcohol free workplace • Complying with the State's MBE participation goal and subcontracting requirements

Attached files

Contact

Tamaira Hawkins, Kris Chewlin(Procurement Officer)

[email protected], [email protected]

(410) 260-7428

Key dates

Opened
12/19/2025
Questions due
1/9/2026
Closes
1/30/2026
Duration
5 years

Last updated

Details

Type
Request for Proposal
Industry
Financial Services
NAICS
524210
Solicitation №
BPM054611

Budget estimate

$1,000,000 – $5,000,000

The budget for this opportunity can be estimated based on the scope of work and the contract duration. Since the contract is for insurance broker services, the payment will likely be a fixed fee or a percentage of the insurance premiums. Assuming an average annual premium of $10 million and a 5% brokerage fee, the annual budget would be $500,000. For a 5-year contract, the total budget would be approximately $2.5 million. However, this is a rough estimate and the actual budget may vary depending on the specific terms of the contract and the performance of the selected broker.

AI estimate from the solicitation

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