Insurance Broker Request for Qualifications

Randolph Community College is seeking qualified insurance brokerage firms through a Request for Qualifications (RFQ) to provide comprehensive insurance and risk management professional services for non-state mandated policies. The procurement is focused on securing a broker to assist the college in obtaining cost-effective insurance coverage across multiple lines, including commercial property, inland marine, general liability, umbrella/excess liability, educator legal liability, directors & officers liability, sexual abuse and molestation, business automobile, and crime coverage. Qualified firms must have a minimum of 5 years of experience in college insurance brokerage and maintain appropriate North Carolina insurance licensing. The RFQ evaluation criteria will prioritize demonstrated expertise (40%), understanding of college needs (20%), and personnel qualifications (15%), with additional consideration given to proposed approaches. Key procurement dates include a February 10, 2025 deadline for questions, February 12 for question responses, February 19, 2025 for proposal submissions, pre-award presentations from February 26-28, 2025, and final selection notification on March 7, 2025. The college requires coverage for facilities valued at $86 million across 8 locations, supporting 800 full-time and part-time employees with a workers compensation payroll of $1.6 million.

The RFQ does not explicitly specify set-aside designations or restrictions for disadvantaged enterprises. The current insurance infrastructure is fragmented, with coverage currently managed through the NC State Property Fire Insurance Fund, NC State owned autos through the North Carolina Association of Insurance Agents, and an independent agent handling non-state employees and vehicle coverage. No specific incumbent vendor is definitively identified, though the current broker compensation structure is commission-based. The RFQ allows for both commission-based and fee-based compensation proposals, providing flexibility for potential bidders. While a specific contract value is not disclosed, the comprehensive nature of the coverage and the college's substantial physical assets suggest a significant potential contract. The solicitation indicates no existing Enterprise Risk Management program is currently in place, suggesting the selected broker will need to develop a comprehensive risk management strategy for the institution. The college operates 12 non-state vehicles and serves 6,673 students, with property valuations last reviewed in September 2024 by the NC State Property Insurance Fund.