EB 24-64121502-ITB Attachment B Price Sheet.xlsx
XLSX spreadsheet 22 KB Posted
- Attached to
- Equipment Breakdown Insurance
- Solicitation number
- ITB-09962
- Issued by
- Palm Beach County, Florida
About this file
This document is an Invitation to Bid (ITB) for Equipment Breakdown Insurance issued by the State of Florida. The ITB seeks to establish a multi-year contract to replace the current equipment breakdown insurance policy. The Department intends to make a single award to the lowest responsive and responsible bidder. The contract will cover a range of state entities, including Florida Atlantic University, University of North Florida, University of West Florida, Florida State University, University of Florida, and various other named insureds. The contract term is for an initial 1-year period from 10/1/24 to 10/1/25, with three optional 1-year renewal periods.
The ITB requires bidders to complete a pricing sheet, Attachment B, which includes coverage for equipment breakdown, perishable goods spoilage, and extra expense. Bidders must provide annual premium rates per $1,000 of insured value for each named insured. Bidders may also include assessments, fees, and inspection costs, if applicable. The Department will consider the total cost for each policy period and reserves the right to award for any of the grouped policy periods. The pricing will be evaluated based on a discounted premium calculation using the latest 10-year inflation rate.
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Instructions
| Solicitation No. 24-64121502-ITB | |||
| Equipment Breakdown Insurance | |||
| Attachment B | |||
| Price Sheet | |||
| 1. | Brokers will download the Microsoft® Excel file Attachment B, Price Sheet. Review and follow these instructions and the general information as provided in the Price Sheet. | ||
| 2. | Brokers are required to supply accurate and complete information. Pricing must be based upon the coverage outlined in the ITB and requested deductible level at current market rates. | ||
| 3. | The Price Sheets are locked and will move automatically to the areas highlighted in yellow where information is requested. | ||
| 4. | The Department will consider the total cost for each Policy Period of the Contract, including Policy Period 1, Policy Periods 1 and 2, | ||
| Policy Periods 1, 2, and 3, or Policy Periods 1, 2, 3 and 4, as submitted by the Bidder, and as described in the price sheet instructions, and reserves the right to award for any of the | |||
| grouped Policy Periods identified above. | |||
| For each Policy Period for which the Bidder intends to submit a Bid, the input of Premiums and assessments and/or fees by a Bidder shall be as follows: | |||
| Coverage | Pricing response required | ||
| Equipment Breakdown - Premises | Annual Rate per $1000 of insured value for each Named Insured on the price sheet | ||
| The Underwriter may assess different rates to each Named Insured or group of Named Insureds, based upon loss experience and specific exposure risks. | |||
| Perishable Goods & Premises - DOH only | Annual Rate per $1000 of insured value | ||
| Extra Expense - FSU only | Annual Premium | ||
| 5. | The Combined Coverage Premium the auto-calculated total of all Premiums for the coverage requirements identified on the Price Sheet for a Policy Period. | ||
| 6. | If there are any assessments or fees associated with the proposed Insurance Policy, they must be identified as follows: | ||
| a. | If any statutorily required and authorized assessments are to be included, identify the name of that assessment, and its applicable percentage of the premium subtotal | ||
| associated with the applicable Policy Period. The Price Sheet will auto-calculate the associated cost for the assessment for that Policy Period. | |||
| b. | Any other fee shall be identified by name; and Broker will input the total annual cost of that fee for the Policy Period quoted. | ||
| c. | For an inspection fee, if applicable, a Broker must input the associated total annual cost for the Policy Period quoted. | ||
| c. | In accordance with subsection 626.932(4), Florida Statutes, surplus lines tax fees shall not be assessed. | ||
| 7. | Brokers should not include Terrorism Risk Insurance (TRIA) premium pricing, as this coverage is not required on this policy. | ||
| 8. | The Total Premium (TP) is the auto-calculated total of the Combined Coverage Premium for a Policy Period, plus any amounts for assessments and/or fees bid for that Policy Period. | ||
| 9. | The price sheet automatically calculates the Discounted Premium (DP) and Calculated Premium (CP) are automatically calculated on the Price Sheet based on information input | ||
| by a Bidder. The DP and CP are for scoring of the Bidder’s Price Sheet only and will not become part of any resulting awarded Contract. | |||
| 10. | The DP for a Policy Period is calculated using the following formulas: | ||
| DP for Policy Period 1 (PP1) = PP1 is not discounted. | |||
| DP for Policy Period 2 (PP2) = PP2/(1+R)^P1 | |||
| DP for Policy Period 3 (PP3) = PP3/(1+R)^P2 | |||
| DP for Policy Period 4 (PP4) = PP4/(1+R)^P3 | |||
| Where: | |||
| R = The most recent ten-year inflation rate from the most recent Survey of Professional Forecasters. Percentages are expressed as decimals for calculation purposes | |||
| https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/inflation-forecasts | |||
| 2024 Q1 2.24 | |||
| To calculate the CP for a Bid for Policy Period 1 only, the CP is equal to the DP. | |||
| To calculate the CP for a Bid for multiple Policy Periods, the CP is the AVERAGE of the DP’s for Policy Periods 1, 2, 3 and 4, as submitted by the Bidder. | |||
| 11. | The selected Broker will not be allowed to impose any fee not listed in the Price Sheet for a Policy Period, unless required by statute. | ||
| 12. | Other than providing the requested quotation information within the Price Sheet, the responding Broker may not alter the information, specifications, or contents of the Price Sheet, | ||
| as created by the Department. Any such alteration of the Price Sheet specifications or contents may result in the Brokers's quotation not being considered. Brokers are reminded that | |||
| only one Price Sheet should be submitted with the quotation. | |||
| 13. | Upload this completed Microsoft Excel file within the Sourcing application. Do not convert the Price Sheet to a PDF or any other format. | ||
| 14. | If there is a conflict between this Instructions Tab and the Price Sheet Tab, then the Instructions Tab will control. |
https://www.philadelphiafed.org/surveys-and-data/real-time-data-research/inflation-forecasts Price Sheet
| Solicitation No. 24-64121502-ITB | |||||||||
| Equipment Breakdown Insurance | |||||||||
| Attachment B | |||||||||
| Price Sheet | |||||||||
| Broker Name: | |||||||||
| Period (P) → | 1 | 2 | 3 | ||||||
| The most recent ten-year inflation rate from the Survey of Professional Forecasters (R) → | 2.24% | 2.24% | 2.24% | ||||||
| Policy Period (PP) 1 10/1/24-10/01/25 | Policy Period (PP) 2 10/1/25-10/01/26 | Policy Period (PP) 3 10/1/26-10/01/27 | Policy Period (PP) 4 10/1/27-10/01/28 | ||||||
| Equipment Breakdown (EB) Coverage | 2024-2025 TIV | Rate per $1000 TIV | Annual Premium | Rate per $1000 TIV | Annual Premium | Rate per $1000 TIV | Annual Premium | Rate per $1000 TIV | Annual Premium |
| FAU | $ 1,520,103,843 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| UNF, UWF | $ 1,318,754,794 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| FSU | $ 3,111,200,650 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| UF | $ 4,704,105,578 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| UF SCRIPPS FACILITY | $ 89,171,180 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| All Other Named Insured | $ 8,169,593,670 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| TOTAL EQUIPMENT BREAKDOWN | $ 18,912,929,715 |
EB Premium Subtotal $ - 0 $ - 0 $ - 0 $ - 0
| Other Coverages Required | 2024-2025 TIV | Rate | Annual Premium | Rate | Annual Premium | Rate | Annual Premium | Rate | Annual Premium |
| Perishable Goods - DOH Spoilage | $ 3,500,000 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 | 0.000000 | $ - 0 |
| FSU Extra Expense | $ 44,236,730 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | ||||
| Combined Coverage Premium | $ - 0 | $ - 0 | $ - 0 | $ - 0 |
| Input Assessment % | Total Cost | Input Assessment % | Total Cost | Input Assessment % | Total Cost | Input Assessment % | Total Cost | ||||||
| ASSESSMENTS OR FEES | |||||||||||||
| (as applicable) | Assessment (insert name of Assessment & Statute) | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | ||||
| Assessment (insert name of Assessment & Statute) | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | |||||
| Assessment (insert name of Assessment & Statute) | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | 0% | $ - 0 | |||||
| Policy Fee (if applicable) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |||||
| Inspection Fee (if applicable) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |||||
| Fee (insert name of Fee) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | |||||
| Fee (insert name of Fee) | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 | $ - 0 |
Total Premium (TP) $ - 0 $ - 0 $ - 0 $ - 0
Discounted Premium (DP) $ - 0 NO BID NO BID NO BID
Calculated Premium (CP) $ - 0
File details come from the government source that posted it. Updated .