RFP 2021 - 1216 - 414 - Insurance Broker

The Ontario Educational Communications Authority (“TVO”) requires Insurance Brokerage services. The current service provider’s contract was initially for 3 years and was extended for 2 additional option years. This contract expires March 31, 2022.

We therefore are issuing an open RFP seeking an insurance brokerage firm (and including the incumbent in the process) to:

1. Based on an understanding of TVO’s activities, provide advice regarding TVO insurance requirements:

• review existing policies to determine appropriateness of coverage in comparison to existing activities
• review claims history/information
• identify insurance products available in market, and recommend levels of coverage based on TVO requirements, organizational risk tolerance, and estimated probability of risk
• identify gaps, if any, between business requirements and existing policies
• suggest opportunities to reduce risk, either through insurance policy coverage and/or operational procedures/practices/investments
• suggest deductible tolerances appropriate for areas of coverage and risk tolerance

2. Based on a review of TVO activities and insurance requirements provide insurance brokerage services that include:

• canvas insurance market to identify most appropriate underwriter(s) to fulfill requirements, taking into account:
  • • history with various insurance providers
    • low cost insurance underwriter(s) (subject to risk tolerance levels and identified coverage requirements, see above)
  • facilitate insurance application process
  • provide on-going customer support of claims management
  • monitor claims experience; identify changes in experience rates, deductibles, coverage, etc. that impact appropriateness and cost of coverage(s); recommend alternative solutions, when appropriate.

• Property Insurance Policy

• Commercial General Liability

• Auto Fleet

• Umbrella Liability (CGL, Employee benefits, Owned Auto)

• Multimedia Liability

• Cyber Liability

• Executive Risk (D&O, Employment Practices, Fiduciary Liability, Crime)

• Business Travel Accident

• Excess Workers Compensation Indemnity

• Occupational Accident

• • copies of existing coverage(s)
  • claims history/information
  • other broker information requirements (as identified by broker, see above)

• Describe methodology, and timelines to be used to deliver the required services (both annual renewal process and monitoring and follow up during the year)
  • describe customer support in terms of claims management (completion/cycle times); call centre hours; issuance of insurance certificates; completion of annual insurance applications; identification of changes in legislation; insurance industry legislation, etc. that would impact coverage/requirements/pricing & servicing;
• Identify process and timeline to conduct insurance requirement review and annual review
  • Listing of Underwriters regularly used by Brokerage and those that would be approached with respect to TVO’s needs
  • describe broker information requirements
    • What information does TVO need to forward to broker
    • Use of electronic fillable forms
    • Split of information completed by broker versus information completed by TVO
  • identify compensation method (i.e. fee for service, % of insurance premium, other)
  • confirm who pays compensation (i.e. TVO, underwriter, other)
• Pricing for Brokerage Services by year for term of agreement if fee for service (preferred)
• Experience and references in fulfilling similar service requirements for other TV and media organizations

• two year brokerage contract with three one-year options to renew