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Broker Services Agreement With Brown & Brown Insurance Services, Inc., for Insurance Broker of Record Services (Contract No. 24-TS00895/AP)
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BRIEF OVERVIEW
Brown & Brown Insurance Services, Inc., has been under broker services agreement with the County since November 2019. The current agreement is nearing expiration and a new Broker Services Agreement for Insurance Broker of Record services from Brown & Brown of Florida, Inc. has been prepared.
The proposed Insurance Broker of Record Services. Brown & Brown Insurance Services, Inc., will provide the County with Broker Services to include the following:
• Review and analyze the County’s existing insurance coverage and identify potential lines of coverage or coverage enhancements to the County’s insurance program.
• Analyze current insurance market conditions and advise the County of significant implications for the County’s insurance program.
• Facilitate, market, and procure quotations from carriers; review and analyze quotations and provide proposals for review by the County.
• Secure and bind all coverage accepted by the County.
• Coordinate loss prevention services provided.
• Analyze past and current claim and loss history information and advise the County of significant implications for the County’s insurance program.
• Provide property appraisals as needed every two years.
• Analyze the marketplace on behalf of the County and provide written proposals on all lines of insurance coverage; the County chooses to quote.
• Provide guidance on moving the County into the direction of self-insuring certain or all lines of property and casualty insurance coverage.
• The Insurance Broker of Record Services Agreement is a term contract for three (3) years with two (2) one-year renewal options.
• Per Procurement Manual Part 1. General, Section 3, insurance services are exempt from the competitive solicitation process and the Chief Procurement Officer has reviewed this requirement for conformance to Procurement Ordinance and Purchasing Policies and Procedures.
FINANCIAL IMPACT
No financial impact - compensation for this contract is through a commission percentage paid by the insurance carriers.
LEGAL NOTE
In accordance with Part II, Chapter 2, Article V of the Hernando County Code of Ordinances.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairperson’s signature on the attached Broker Services Agreement for Insurance Broker of Record Services with Brown & Brown Insurance Services, Inc., for a contract term of initial three (3) year term with two (2) one-year renewal options.