Broker/ Commercial Insurance Coverages

The New Jersey Housing and Mortgage Finance Agency is requesting proposals for broker and commercial insurance coverage services, with sealed bids due electronically through the Agency's Procurement Portal by 11:00 a.m. EDT on June 17, 2026.

SBE, MBE, WBE, VOB, and DVOB certifications will receive additional evaluation points if submitted. All vendors, including certified small and disadvantaged businesses, are encouraged to participate as prime contractors and subcontractors.

The scope encompasses securing comprehensive insurance coverages including property, general liability, workers' compensation, automobile, fidelity bonds, mortgage insurance protection, directors' and officers' liability, cyber insurance, health and medical, dental, long-term disability, and prescription drug coverages. Selected insurance carriers must maintain a minimum A.M. Best Financial Strength Rating of A- and Financial Size Category VIII and be authorized to conduct business in New Jersey. The broker must hold appropriate New Jersey licensing for property, casualty, surety, and surplus lines insurance and demonstrate capability to service medical, health, dental, long-term disability, and prescription drug coverages. Mandatory vendor insurance requirements include general liability of $1,000,000 per occurrence, professional liability of $1,000,000 with a deductible not exceeding $50,000, and cyber liability of $1,000,000 per occurrence.

The contract period runs November 1, 2026 to November 1, 2027, with options for two additional two-year renewal terms upon mutual written consent. Proposals are evaluated on experience (35%), management capability (25%), responsiveness (5%), and cost (35%). Bidders must submit a firm fixed-price annual fee and indicate any exceptions to the no-commission requirement. A bid guarantee of 10% of total price (not to exceed $20,000) is required.

Questions are due June 2, 2026 at 2:00 p.m. EDT. All submissions must be in PDF format through the Bonfire portal at https://njhmfa.bonfirehub.com/opportunities/229527. Vendors must complete Exhibits A through H and comply with N.J.S.A. 10:5-31 et seq. and N.J.A.C. 17:27-1 et seq.