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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, properties, and operating environments.
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.9
3. Carry out an annual risk assessment of all SPC properties and identify the appropriate type of
insurance coverage to mitigate risks.
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. Provide a thorough presentation at least sixty (60) 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.
10. Once the insurance policies are renewed for the new year, the Brokerage Service Provider must
conduct a presentation for SPC staff detailing the scope of the cover, the exclusions, claim process
and non-insured risks. The presentation must take place before the renewal of the insurance policies
takes place, at a time scheduled by SPC.
11. Monitor the SPC’s operations and loss exposures and make any appropriate recommendations for
coverage changes or new coverage.
12. Provide early notice of rate and coverage changes or renewal problems to SPC and ensure that they
are effected by insurance providers only upon mutual agreement with SPC.
13. Facilitate processing of all changes to coverage including endorsements and factoring additional
coverage requirements.
14. Facilitate lodgement and managing processing of insurance claims from SPC ensuring timely
settlement.
15. Maintaining Insurance claim history report for SPC for submission to SPC management every quarter.
16. Quarterly review and reporting to management on existing cover, limits, sums insured and uninsured
risks and exposure.