Inland Marine - Miscellaneous Property Insurance

The Florida Department of Management Services has issued an Invitation to Bid (ITB No. 25-64121509-ITB) for a multi-year Miscellaneous Property Insurance State Term Contract, seeking to replace the current policy effective August 8, 2025. The solicitation covers comprehensive property insurance for various state agencies and universities, including the Department of Agriculture and Consumer Services, Department of Environmental Protection, and multiple state universities like Florida Atlantic University, Florida Gulf Coast University, and the University of Florida. The insurance will cover a wide range of equipment such as band instruments, mobile gas testing equipment, nuclear radiation detection systems, radio and television equipment, and miscellaneous property, with total insured values of approximately $26.5 million. Potential bidders must have valid insurance licenses, demonstrate 10 years of experience in insurance placement and account management, and possess an AM Best Key Financial Rating of at least A or a Financial Performance Rating of V. Key dates include a June 18, 2025 deadline for questions and a July 8, 2025 bid submission deadline at 10:00 AM Eastern Time. The Department intends to make a single award but reserves the right to make no award if deemed in the state's best interest.

The solicitation includes several restrictions and compliance requirements for potential bidders, including mandatory vendor certifications regarding scrutinized companies lists, forced labor prohibitions, and compliance with state procurement regulations. Eligible users are limited to non-Agency state entities with a Department of Financial Services State Risk Management Trust Fund Certificate. The contract allows for potential additions or deletions to coverage throughout the policy period, with brokers required to provide comprehensive customer service and claims settlement support. The historical annual premium for the previous contract averaged $63,310, though this is not a guaranteed spend amount. Bidders must submit commission-based proposals with fixed annual premiums for the full policy period, and the contract includes specific deductible structures for different types of losses, such as $2,500 for earthquakes and $500,000 for water damage in certain flood zones. The solicitation provides for a potential five-consecutive policy period contract from August 8, 2025, to August 8, 2030, with brokers able to bid on one or more consecutive periods.