Insurance Audit/ Small Purchase with Sole Source Conditions

The state of Illinois is seeking proposals for a one-year contract to provide comprehensive insurance audit and risk management consulting services to the Illinois Housing Development Authority (IHDA). The selected vendor will be required to conduct a thorough assessment of IHDA's existing insurance policies, including Commercial Package, Workers' Compensation, Umbrella, Directors' and Officers' Liability, Mortgage Impairment, Crime, and Health and Welfare coverage. The consultant will prepare executive summaries of each policy, analyze the financial strength and claims-paying ability of the insurers, and provide recommendations to improve coverage or reduce costs. The primary deliverable is a written report with comments and suggestions. The proposed fee for the contract is $10,000, with the vendor only billing for actual time incurred. Proposals are due by September 24, 2018.

This appears to be a sole-source procurement, as the contract has been awarded to Insurance Audit & Inspection Company Incorporated, based in Indianapolis, Indiana. The solicitation does not indicate any set-aside requirements or restrictions on the types of organizations that can respond. The state has not specified a budget range or maximum award value, though the contract is subject to funding availability and may be terminated for convenience. There are no subcontractors allowed, and the services will be performed solely at the vendor's location.