5000003050,_Addendum_1.pdf
PDF 182 KB Posted
- Solicitation number
- 0000033322
- Issued by
- California
About this file
This document is an Addendum to a Request for Proposal (RFP) issued by the California State Teachers' Retirement System (CalSTRS) for Fiduciary Insurance Brokerage Services. The purpose of this Addendum is to provide responses to written questions received from prospective vendors regarding the intent and content of the RFP. The RFP is seeking to continue CalSTRS's fiduciary liability insurance program, which currently has $100 million in total limits, including $75 million in traditional coverage and $25 million in non-indemnifiable loss coverage, with a $25 million retention. CalSTRS has not had any losses in excess of the $25 million retention since 2015, and the non-indemnifiable loss coverage is not a standalone program but is part of the overall $100 million program.
The current fiduciary brokerage services fee is not being disclosed in order to maintain a fair and competitive process. CalSTRS is looking to design a fiduciary liability insurance solution that is responsible to its risk profile and takes into account its excellent loss history and high reputational standards.
View the file
Other files
| File | Type | Posted |
|---|---|---|
| 5000003050_Fiduciary_Insurance_Brokerage_Services.pdf |
On GovTribe
Work with this file
- Download the original file
- Contacts named in this file
- Similar government files
- Ask GovTribe AI about this file
Text version
California State Teachers’ Retirement System Michael Thao, Procurement
Procurement@CalSTRS.com
November 15, 2024
TO: All Interested Parties
FROM: California State Teachers’ Retirement System
SUBJECT: ADDENDUM NUMBER 1 TO REQUEST FOR PROPOSAL 5000003050 FOR
FIDUCIARY INSURANCE BROKERAGE SERVICES
The California State Teachers’ Retirement System, also known as CalSTRS, issued an RFP for Fiduciary Insurance Brokerage Services on November 1, 2024.
The purpose of this Addendum 1 is to provide CalSTRS responses to questions that were received in the CalSTRS Procurement office by the Written Question Submittal Deadline.
Prospective Proposers are reminded that it is their responsibility to review the entire addendum and updated solicitation to consider these modifications when preparing their submissions.
This Addendum DOES NOT affect the final file date.
Sincerely, Michael Thao mailto:Procurement@CalSTRS.com
Request for Proposal 5000003050 Fiduciary Insurance Brokerage Services
Addendum 1
Response to Written Questions
Request for Proposal Number 5000003050
The following answers are in response to written questions submitted by prospective vendors regarding clarification of the intent and content of the RFP. This document provides the written responses to questions that were received via email in the CalSTRS Procurement office by the written question submittal deadline stated in the RFP.
Q.1. Are you able to share the polices or at least the current structure/limits/retention for analytics?
A.1. $25 million of Non-Indemnifiable Loss coverage for a total of $100 million limits ($75 million Traditional Coverage and $25 million Non-Indemnifiable Loss Coverage) with a $25 million retention.
Q.2. Does the current program have or historically had a split retention for specific claims and if so, please describe. If yes to any, was this carrier driven or CalSTRS design driven to reduce cost/bifurcate exposure basis?
A.2. No
Q.3. Have there been any losses in excess of the $25M retention since 2015?
A.3. No
Q.4. Is the $25M non-indemnifiable program written on a standalone basis subject to its own
(lower) retention or is it written under one program tower (primary/excess carriers) totaling $100M and subject to the same $25M retention?
A.4. No, the $25M non-indemnifiable is not a standalone. Yes, it is under one program subject to the $25M retention.
Q.5. Please confirm the Total Limit provided for Settlor Coverage.
A.5. $100M.
Q.6. What is the individual cost of the Waiver of Recourse (WOR) charge to the individual board members and/or executives under the current program?
A.6. The Waiver of Recourse (WOR) cost each year is calculated by taking the total cost of the
WOR and dividing it by the total number of people who elect to participate in the coverage.
Request for Proposal 5000003050
Addendum 1
Q.7. What is the current fee for fiduciary brokerage services?
A.7. In an effort to maintain a fair and competitive process, CalSTRS will not disclose this information.
File details come from the government source that posted it. Updated .