Broker and Commercial Insurance Coverages Service

The government authority in Trenton, New Jersey is seeking a vendor to provide broker and commercial insurance coverages services. The agency needs to secure reliable, comprehensive insurance coverages at the most reasonable cost with insurance companies while receiving expert insurance advice. This initiative aims to optimize the agency's risk management through professional brokerage, marketing, claims administration, invoicing, and policy auditing. The scope of work covers marketing the insurance risk plan by organizing, developing, and presenting all necessary data to underwriters. The selected broker must review marketing plan documents with the insurance division for approval prior to going to the market. For claims loss administration, the broker must administer claim submittals to ensure the proper team member is assigned to receive and process them. The broker is also responsible for risk finance invoicing of premiums and conducting a comprehensive insurance program audit. This audit requires reviewing existing insurance policies to determine the adequacy of coverage and limits, appropriate deductible and retention levels, significant restrictions, the existence of warranties, concurrency, duplication or gaps, coordination of coverage, suitability of forms, and the financial stability of insurers. Eligible bidders must be onshore USA organizations only. The agency requires the performance of all work to be conducted offsite. Bidders may submit their proposals digitally via email or online, and the agency is currently looking for proposals to determine the budget. The agency has established a key deadline for inquiries during the solicitation process. Bidders must submit all questions no later than June 2, 2026.