Terrorist risk insurance program claims system
Active Definitive Contract Awarded Last action
- Contract number
- 2032H323C00013
- Awardee
-
Insurance Services Office, Inc. UEI RFDZMGHEVVB9 Part of Verisk Analytics, Inc.
- Awarding agency
-
Departmental Offices
Department of the Treasury
- Obligated
- $2,873,775
Award facts
- Opportunity
-
- Terrorism Risk Insurance Program (TRIP) Claims Management - Amendment 02 Solicitation · 2032H323R00001 · Posted Dec 6, 2022
- Contract value 17% obligated
-
- $4,395,278.04 Current, with exercised options
- $16,829,647.71 Potential, with all options
- Completion date 72% complete
-
- Current, with exercised options
- Potential, with all options
- Contracting staff
- NAICS code
- 524292 Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
- PSC
- R499 Support- Professional: Other
- Set-aside
- No set-aside
- Competition
- Full and Open Competition · 1 offer Negotiated Proposal / Quote
- Pricing
- Firm Fixed Price
- Place of performance
- Jersey City, NJ 07310, USA
- Legislative mandates
-
- Service Contract Inventory FAR subpart 4.17
Award details come from SAM.gov/FPDS.
Transactions
| Action | Obligated | Date |
|---|---|---|
| Supplemental Agreement for work within scope | $0 | |
| Exercise an Option | $718,028 | |
| Exercise an Option | $700,338 | |
| Other Administrative Action | $0 | |
| Exercise an Option | $683,090 | |
| Exercise an Option | $129,625 | |
| Original award | $642,693 |
About this award
The Department of the Treasury's Departmental Offices awarded a $16.8 million definitive contract to Insurance Services Office, Inc. (doing business as Verisk Analytics) for maintenance, periodic testing, and operation of the Terrorism Risk Insurance Program Claims System on April 5, 2023, with no set-aside.
Place of performance is Jersey City, NJ. The originating solicitation, posted December 6, 2022 with a due date of December 30, 2022, describes contractor support for TRIP Claims System maintenance and activation in the event of a certified terrorist act, including claims processing and administrative functions under the Terrorism Risk Insurance Act. The contract carries a firm fixed price structure with an ultimate completion date of April 4, 2028, comprising a base year beginning in February 2023 and four one-year option periods.
Under SCI reporting, the contract invoiced $694 thousand in FY2024 (0.2 FTEs, 404 contractor hours) and $692 thousand in FY2025 (0.2 FTEs). The derived government-paid hourly rate for FY2024 was $1,716.28. The awardee self-performed all reported hours with no subcontractors on this engagement.
Quick answers
Who was awarded contract 2032H323C00013?
2032H323C00013 was awarded to Insurance Services Office, Inc. by Departmental Offices (Department of the Treasury) on April 5, 2023.
How much is contract 2032H323C00013 worth?
The government has obligated $2,873,775 on 2032H323C00013. Its current value, with exercised options, is $4,395,278. Its potential value, with all options, is $16,829,648.
Was contract 2032H323C00013 competed?
The extent of competition for 2032H323C00013 was full and open competition. The government received 1 offer.
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