Insurance - All Risk Insurance Broker (OMB Risk Mgmt)

The North Dakota All Risk Insurance Broker (Contract #144) is a comprehensive state-wide contract designed to provide insurance brokerage services for state agencies and institutions under the State Board of Higher Education. The vehicle enables governmental entities to procure all-risk and inland marine insurance coverage for state-owned and leased equipment through a quote-based procurement process. Agencies can utilize this contract to obtain tailored insurance recommendations, coverage assessments, and policy placement assistance, with the ability to use government purchasing cards for transactions.

The contract is awarded to Marsh & McLennan Agency, LLC, with a performance period from May 27, 2022, to June 30, 2026, including potential for additional 12-month renewals. The contract covers the entire state of North Dakota and operates on a commission-based compensation model, where the contractor receives 10% of the premium, invoiced annually to participating agencies. Compensation is structured to include comprehensive insurance brokerage services, with the contractor responsible for recommending insurance carriers, managing coverage limits, and providing claims assistance. The contract requires the broker to maintain $2 million in commercial general liability and $1 million in professional errors and omissions insurance.