1.1 Background and Purpose
McMaster University is a member of the Canadian Universities Reciprocal Insurance Exchange (CURIE). CURIE provides 61 Canadian universities with property insurance and $50 million in liability insurance.
McMaster University’s current property values are estimated at $2.3 billion spread over 855 buildings and leased locations in the City of Hamilton and surrounding areas.
McMaster is soliciting proposals from qualified insurance brokers to provide insurance brokerage services for its insurance coverages outside of the Property and Casualty insurance coverages offered through the Canadian Universities Reciprocal Insurance
Exchange (CURIE).
McMaster University is active in teaching and research projects. More information on McMaster University is available at www.mcmaster.ca.
1.2 Scope/Objective
The selected Proponent must provide insurance brokerage services for McMaster’s current policies, placement of recommended lines of coverage, claims management services, general insurance information and advice, common day-to-day services, and an annual report that includes highlights and recommendations for future services. Such services include:
(a) preparing and reviewing all insurance documents including binders of coverage and cover notes to ensure the terms, conditions and other relevant information is correct;
(b) providing preliminary estimates of insurance costs and benchmarking data;
(c) studying deductible and self-insurance retention to determine the appropriate level(s) of deductible in relation to the University’s appetite for risk and premium credits available;
(d) reviewing and providing advice related to insurance requirements and risk transfer wording to ensure the University’s interests are properly protected;
(e) conducting boiler and machinery inspections; and
(f) developing recommendation reports and certificates of compliance.
