DOA Risk Management Insurance Broker Services

The State of Rhode Island Department of Administration's Office of Risk Management is soliciting commission-based proposals to serve as the State's primary insurance broker through RFP26006446. The procurement seeks a qualified vendor to design, implement, and administer comprehensive risk financing programs for State assets valued at over $4.5 billion in Total Insured Value across multiple lines of coverage including Master Property Policy (35.5% of portfolio), Railroad insurance (29.8%), Excess Auto Liability (4.0%), and Medical Malpractice (3.21%). The selected broker will provide extensive advisory services encompassing risk analysis, insurance placement and market engagement, claims management support, policy renewals, catastrophic modeling, competitive market solicitation, policy documentation, vendor oversight, loss data analysis, and quarterly claims reviews. Technical proposals are limited to six pages and must address staff qualifications, vendor capability and capacity with minimum three client references, detailed work plans, and approach/methodology. The evaluation process awards up to 50 points for technical proposals (with a minimum 40 points required to advance), 20 points for interview/demonstration (combined minimum 56 points to advance to cost evaluation), 30 points for cost proposals, and 6 bonus points for ISBE participation, totaling 106 possible points. Proposals must be submitted electronically through Ocean State Procures no later than April 20, 2026 at 10:00 AM EDT, with a vendor question and answer period open from March 23, 2026 at 9:15 AM through April 3, 2026 at 2:00 PM EDT. The initial contract period will commence approximately July 1, 2026 for one year, with options to renew for up to four additional 12-month periods based on vendor performance and fund availability.

Compensation is structured entirely on a commission basis with vendors proposing capped commission rates for each insurance category, and no reimbursement of travel, lodging, meals, or ancillary expenses. All vendors must comply with the State's General Conditions of Purchase and carry specified insurance coverage including general liability of $1,000,000 per occurrence, professional liability of $2,000,000 per occurrence, and cyber/privacy insurance of $5,000,000 per occurrence. The State requires completion of an ISBE participation plan demonstrating commitment to utilization of minority, women, and disability business enterprises, with evaluation points awarded based on the proposed ISBE participation rate; MBE/WBE subcontractors must be certified by the Division of Equity, Diversity & Inclusion MBE Compliance Office or the Governor's Commission on Disabilities at the time of bid submission. All vendors must register with Ocean State Procures, complete a Vendor Certification Questionnaire, Supplemental Bidder Attestation Form certifying no conflicts of interest with state officials or participation in the RFP formation, technical proposal, and cost proposal as part of their submission. A contract administrative fee of 0.33% of annual contract spend will be withheld from vendor invoices effective January 1, 2026. Commissions exceeding agreed-upon percentages must be refunded or credited to premiums, with the State calculating a blended average commission rate to assess relative pricing across all insurance products.