Insurance Consultant
DESCRIPTION: The Municipal Utilities Authority desires to appoint a professional risk manager / insurance consultant as required in the bylaws of the New Jersey Municipal Utilities Joint Insurance Fund (the "FUND") of which the Authority is a member.
Minimum Scope of Services:
A. The CONSULTANT, will in exchange for the compensation provided for below shall:
1. Assist the AUTHORITY in identifying its insurable Property & Casualty exposures and to recommend professional methods to reduce, assume or transfer the risk or loss.
2. Assist the AUTHORITY in understanding the various coverages available from the FUND and the Municipal Excess Liability Joint Insurance Fund.
3. Review with the AUTHORITY any additional coverages that the CONSULTANT feels should be carried but are not available from the FUND and subject to the AUTHORITY'S authorization, place such coverages outside the FUND.
4. Assist the AUTHORITY in the preparation of applications, statements of values, and similar documents requested by the FUND, it being understood that this Agreement does not include any appraisal work by the CONSULTANT.
5. Review Certificates of Insurance from contractor, vendors and professionals when requested by the AUTHORITY.
6. Review the AUTHORITY's assessment as prepared by the FUND and assist the AUTHORITY in the preparation of its annual insurance budget.
7. Review the loss and engineering reports and generally assist the safety committee in its loss containment objectives. Also, attend no less than one (1) authority safety committee meeting per annum to promote the safety objectives and goals of the AUTHORITY and the FUND.
8. Assist where needed in the settlement of claims, with the understanding that the scope of the CONSULTANT's involvement does not include the work normally done by a public adjuster.
9. Perform any other risk management related services required by the FUND's bylaws.
