Insurance Request for Proposal Template

REQUEST FOR PROPOSAL (RFP): CORPORATE INSURANCE PLACEMENT

Document Control

• Effective Date: [Date]
• Version: 1.0
• Jurisdiction: [State/Province], [Country]
• Scope: Global/Regional Commercial Insurance Program

1. LEGAL NOTICE & DISCLAIMER

This document is a formal invitation to treat and does not constitute a binding contract of insurance or a commitment to purchase. [Company Name] (“Proposer”) reserves the right to reject any or all proposals, amend the scope, or cancel this RFP at its sole discretion. All information provided herein remains the proprietary property of the Proposer and must be treated as Confidential Information pursuant to the existing Non-Disclosure Agreement (NDA) between the parties.

2. PARTIES & DEFINITIONS

• Proposer: [Company Name], a corporation organized under the laws of [Jurisdiction], having its principal place of business at [Address].
• Broker/Insurer: [Full Legal Name of Respondent], having its principal place of business at [Address].
• Policy Period: [Start Date] to [End Date].
• Total Insured Value (TIV): $[Amount].

3. OPERATIVE CLAUSES & TERMS

1. Scope of Coverage Requirements: The Respondent shall provide comprehensive proposals for the following lines:

• [Line of Coverage, e.g., Directors & Officers (D&O)]
• [Line of Coverage, e.g., General Liability]
• [Line of Coverage, e.g., Cyber Liability]
• [Line of Coverage, e.g., Workers' Compensation]

2. Minimum Financial Ratings: All underwriting entities must maintain a minimum A.M. Best Financial Strength Rating of [e.g., A- (Excellent)] or equivalent.

3. Submission Requirements: Proposals must include:

• A complete specimen policy/endorsement list.
• Itemized commission structure and disclosure of all contingent compensation.
• Loss control and risk management service offerings.
• Proof of Errors & Omissions (E&O) coverage held by the Broker.

4. Duty of Utmost Good Faith: The Respondent acknowledges the duty of utmost good faith (uberrima fides). Any material misrepresentation or failure to disclose relevant underwriting information by the Respondent shall be grounds for immediate contract termination and forfeiture of commissions.

5. Compliance with Laws: The Respondent warrants that all insurance products offered comply with all applicable statutes, regulations, and filing requirements within the Proposer's jurisdiction.

6. Indemnification: The Respondent shall indemnify, defend, and hold harmless the Proposer from any claims, losses, or damages arising out of the Respondent's negligence or professional malpractice in the placement or administration of these policies.

4. EXECUTION & SIGNATURE BLOCK

By signing below, the authorized representative of the Respondent confirms they have read, understood, and accepted the terms of this RFP and warrants that the information submitted is accurate and exhaustive.

For [Company Name] (Proposer): Signature: __________________________ Name: [Authorized Signatory Name] Title: [Title] Date: [Date]

For [Respondent Name] (Broker/Insurer): Signature: __________________________ Name: [Authorized Signatory Name] Title: [Title] Date: [Date]

5. STEP-BY-STEP EXECUTION GUIDE

1. Distribution: Transmit this RFP via secure document management system (e.g., DocuSign, Intralinks). Ensure an NDA is fully executed prior to releasing specific loss runs or sensitive financial data.
2. Clarification Period: Establish a "Question Submission Deadline" (typically 5 business days after receipt) to manage queries centrally. Distribute all clarifications to all prospective Respondents to maintain a fair competitive environment.
3. Bid Evaluation: Conduct a comparative analysis using a standardized matrix (Premium vs. Deductible vs. Coverage Breadth). Focus specifically on "Difference in Conditions" (DIC) to identify gaps.
4. Final Binding: Once a candidate is selected, issue a Binding Authority Letter contingent upon final signature of the actual policy documents.
5. Filing/Archiving: Retain the executed RFP, all correspondence, and the final Policy Declarations Page in the corporate insurance digital repository for a minimum of 7 years or the duration of the statute of limitations for policy-related claims in your jurisdiction.
6. Enforcement: Periodically audit the Broker’s performance against the service-level commitments stipulated in their RFP response.