Insurance Broker - Excess Liability (OMB Risk Mgmt Only)

The North Dakota Insurance Broker - Excess Liability contract (Contract #296) is a specialized multi-award vehicle designed to provide comprehensive insurance brokerage services for the state's Risk Management Division. The contract focuses on evaluating and procuring excess coverage options for high-risk areas, with a specific emphasis on complex insurance needs such as cyber liability and security insurance. Through this vehicle, the state can access professional insurance advisory services that help assess potential financial risks, explore alternative coverage options, and strategically place insurance to protect state interests.

The contract is currently held by Marsh & McLennan Agency LLC, which acquired Vaaler Insurance Inc. during the contract's lifecycle, and is managed by the North Dakota Office of Management and Budget's Risk Management Division. The contract was initially awarded on June 1, 2021, and has been extended through May 31, 2026, with a total of five potential twelve-month renewal periods. While the contractor does not receive direct fees from the state, compensation is derived through commissions from insurance placements. The contract covers the entire state of North Dakota and is structured as a professional services agreement, providing flexible insurance brokerage support across various state risk management needs.