Insurance Broker Services

The Palm Beach County Board of County Commissioners is seeking a qualified insurance broker to market and place all of the County's commercially purchased coverage and provide other insurance services. The selected broker will work closely with the County to determine its insurance needs and direct the Self-Insured Retention Program. The County has various properties, including buildings, vehicles, and infrastructure, with total insurable values exceeding $2.6 billion. The broker will be responsible for managing the County's insurance program, including purchasing excess insurance coverage and maintaining the property schedule. Some key points to consider are: • The County has a self-insured retention of $500,000, excluding wind, which has a 5% deductible. • The commercially purchased excess property insurance is a layered program over the self-insured retention. • The County has separate policies for Boiler & Machinery, Flood in Special Hazard zones, Terrorism, and Fine Arts. • The broker will be required to provide a price proposal, which must be signed by an authorized person. • The County reserves the right to request financial information from the proposer at any time during the solicitation process. • The proposer must comply with all laws, ordinances, and regulations applicable to the services contemplated herein. The following are some of the key requirements and qualifications for the proposer: • Demonstrated experience in supplying insurance broker services. • Ability to market and place all of the County's commercially purchased coverage. • Ability to provide other insurance services, such as determining coverage limits and catastrophe modeling analyses. • Compliance with all laws, ordinances, and regulations applicable to the services contemplated herein. • Ability to work closely with the County to determine its insurance needs and direct the Self-Insured Retention Program. The proposer should have experience in managing large and complex insurance programs, as well as knowledge of the insurance market and the ability to negotiate with insurers. The proposer should also have a strong understanding of the County's insurance needs and be able to provide customized solutions to meet those needs.