UNSPSC 64122303: Fiduciary liability insurance contract

Covers against potential claims arising arising from lawsuits against pension benefit administrators that are accused of not acting in accordance with the referring regulation (example U.S. Pension Reform Act of 1974.)

UNSPSC 64122303 Fiduciary liability insurance contract is a Commodity code that encompasses insurance broker services and third-party claims administration across multiple coverage lines—property, casualty, liability, workers' compensation, professional liability, and specialized risks such as aviation, cyber, and fine arts. State and local governments use this code to procure both broker placement services (design, marketing, underwriting evaluation, and policy placement) and claims administration services (intake, investigation, reserve establishment, litigation support, and settlement). The issuing bodies span city risk management divisions, county purchasing offices, school districts, and public higher-education systems, with repeat buyers including Louisville/Jefferson County Metro Government, Montgomery County and Detroit in their respective states, Polk County Public Schools in Florida, and the University System of Georgia.

Recent activity is concentrated in three geographic regions: Florida (Polk County Public Schools' third-party claims administration ITN), Georgia (Hall County's Medicare Advantage procurement and USG's PPV insurance eRFP), and the Midwest (Louisville, Kentucky; Montgomery County, Pennsylvania; Detroit, Michigan; and Arizona with City of Tucson). Louisville Metro Government's OMB Risk Management Division posted RFP 270077 and RFP 270078 due October 30, 2026, for aircraft and unmanned aerial system aviation insurance renewals; Detroit's Office of Contracting and Procurement issued RFP 550591 due October 16, 2026, for insurance brokerage services covering property, excess liability, crime, cyber, and specialized coverages with a three-year term and three optional one-year renewals; Montgomery County, Pennsylvania issued solicitation 2658 due October 27, 2026, for commercial insurance broker and risk management services including fidelity bond, general liability, and umbrella coverages plus Owner-Controlled Insurance Program advisory support for capital projects; the City of Tucson solicited third-party workers' compensation administration (RFP 230084, due May 25, 2023) for approximately 4,750 employees with an average of 453 claims annually; and Texas Education Agency posted RFP 701-26-008 due February 25, 2026, for a teacher liability insurance program covering classroom educators statewide with cost-per-participant pricing and tiered enrollment incentives.