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RTA Insurance Brokerage Services for Property and Casualty Coverages
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DESCRIPTION: Authorization to award a contract for Insurance Brokerage Services for property and casualty coverages to Relation Insurance Services, Inc. |
AGENDA NO: Click or tap here to enter text. |
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ACTION REQUEST: ☒ Approval ☐ Review Comment ☐ Information Only ☐ Other |
RECOMMENDATION:
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Authorize the Chief Executive Officer to award a contract to Relation Insurance Services, Inc. for property and casualty insurance brokerage services for a term of three (3) years, with an option by RTA to renew for an additional two (2) years, in the amount not to exceed $900,000.
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ISSUE/BACKGROUND:
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Relation Insurance Services, Inc.[fka Kennedy Financial Group/BRK Insurance Group, LLC] has been the insurance broker of record for RTA for since April 2011.
RTA recently issued a Request for Proposals [“RFP”] for an insurance broker of record to perform all necessary property and casualty insurance brokerage services. There were four (4) responsive bidders. Of these four (4) bidders, Relation Insurance Services, Inc. has been deemed the most qualified to provide these services to RTA on an ongoing basis.
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DISCUSSION:
Relation Insurance Services, Inc.[fka Kennedy Financial Group/BRK Insurance Group, LLC] has historically performed its work as the RTA insurance broker of record for the acquisition of property and casualty insurance in an exemplary manner. These insurance coverages have included property/excess property, flood, public entity errors and omissions/employment practices liability, crime, overhead catenary, excess automobile liability/general liability, excess workers’ compensation, parametric hurricane, and cyber liability. The award of this contract to Relation Insurance Services, Inc. shall enable RTA to receive their professional services without interruption. Notably, their capability, professional competence, and resources will provide RTA with optimal insurance brokerage services, including marketing and insurance placement, for the next three (3) years.
FINANCIAL IMPACT:
$900,000 [$300,000 per year for a three (3) year term].
Funds for this contract are available from the RTA Operational Budget
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RTA Budget Code: 01-8300-02-7070-169-00-00-00000-00000
NEXT STEPS:
Proceed with the execution of this contract with Relation Insurance Services, Inc. as set forth above.
ATTACHMENTS:
1. Resolution for Insurance Brokerage Services [Property and Casualty]
2. Procurement Summary
3. Administrative Review Form
4. Scope of Work
5. RFP# 2025-007
6. Addendum #1
7. Addendum #2
8. Relation Insurance Services, Inc. Proposal
Prepared By: Marc Popkin
Title: Risk Management Counsel
Reviewed By: Tracy Tyler
Title: Chief Legal Officer
Reviewed By: Gizelle Banks
Title: Chief Financial Officer
3/11/2025
Lona Edwards Hankins Date
Chief Executive Officer