Tender Advertisement #1151899

Expected Brokerages Services:
The Principal appointed by the Brokerage Service Provider shall act as an independent insurance and risk advisor to the SPC and proactively provide ongoing unbiased professional advice and recommendations that mitigates SPC’s corporate risks in the following manner:
1) Carry out ongoing review and analysis of the SPC’s current corporate risk profile and insurance program and determine the adequacy of the mitigating actions and insurance coverage at all SPC office locations.
2) Proactively advice on risk mitigation actions, insurance program available and risk transfer options for SPC’s strategic, financial, operational, project management and reputational risks.
3) Carry out periodic risk assessment of all SPC properties and identify the appropriate type of insurance coverage to mitigate risks at all offices.
4) Develop Terms of Reference/specifications for insurance providers who would be able to cover the risks identified.
5) Manage the competitive solicitation process for the appointment of insurance providers and prepare a detailed comparative evaluation matrix of the proposals received from insurance providers including recommendations for approval by SPC.
6) Provide background of all insurance providers including their financial strength ratings and credit ratings from recognized institutions/ agencies.
7) Ensure that all insurance policies are placed and renewed in a timely manner, without lapse in coverage periods, with reputable and financially responsible insurers.
8) All insurance coverage renewed for the new year shall be valid for 2 years.
9) Once the insurance policies are renewed for the new year, a presentation for SPC staff detailing the scope of the cover, the exclusions, claim process and non-insured risks to be carried out within a month of the placement of the cover.
10) Monitor the SPC’s operations and loss exposures and make any appropriate recommendations for coverage changes or new coverage.
11) Provide early notice of rate and coverage changes or renewal problems to SPC and ensure that it is effected by insurance providers only upon mutual agreement with SPC.
12) Facilitate processing of all changes to coverage including endorsements and factoring additional coverage requirements.
13) Facilitate lodgment and managing processing of insurance claims from SPC ensuring timely settlement.
14) Maintaining Insurance claim history report for SPC for submission to SPC management every quarter.
15) Quarterly review and reporting to management on existing cover, limits, sums insured and uninsured risks and exposure;
16) Provide a thorough renewal presentation each year at least thirty (30) days before current policy expiration date to appropriate staff at SPC on the current coverage, details of current and future risks and exposures, the issues faced during the year and proposals for the new cover in consideration of SPC’s exposures.