Marine Insurance Brokerage

The Contracted Supplier will perform insurance brokerage, risk management and claims administration services in support of the Province's Marime programs, to include: arrange the placement, renewal and/or addition of marine aviation; secure quotes from insurers for potential new coverages; obtain the best terms and conditions at the most favourable pricing level for the Province; use best efforts to obtain quotations and/or additional insurers to assume a share/percentage of the required insurance coverage limits; prepare insurance specifications and provide assistance with underwriting proposals for marine insurance renewals; negotiate marine insurance coverages with insurers on behalf of the Province; remit premiums to insurers in accordance with industry practice and ensure premiums do not fall into arrears; annual review of the marine insurance program including analysis of coverages, limits, terms, wordings, deductibles, self-insured retentions and industry and market trends and provide recommendations on these issues; verify policy terms, conditions, language, form and consistency with expiring policy(s); prepare a written summary of each policy including key terms, conditions and endorsements and maintain each summary up to date; assist the Province in determination of existing and emerging risks to which the Province is exposed and the determination of appropriate risk management techniques to eliminate, reduce or transfer those risks; assist the Province to review contracts, leases or agreements for marine insurance implications, requirements, assumption of liability and other risk management issues; assist in the development and/or revision of appropriate, cost-effective risk management strategies related to the insurance lines identified in section; coordinate notice of claims or losses to insurers; advise the Province of negotiations regarding recommended payments on claims; provide expertise and assistance in the preparation and/or handling of all first and third party claims as requested by the Province which are normally part of a marine insurance program, assist in advocating for the Province on any disputed or problem claim including escalating a claim to the attention of senior; head office representatives of the broker and/or insurers; provide reports that outline the marine insurance claims history of the Province including current status, reserves, expenses, total incurred, total paid and other relevant information; and ensure that insurers consult with the Province’s General Adjuster and Claims Administrator, as required and requested by the Province.

Bidding and Documents are available on http://www.merx.com. Fees may apply; See https://www.merx.com/public/pricing for more information.