Ktrs fiduciary liabilty insurance

This is a Request for Bid (RFB) issued by the Commonwealth of Kentucky Finance and Administration Cabinet on behalf of the Kentucky Teachers' Retirement System (KTRS) for KTRS Fiduciary Liability Insurance. The contract will provide fiduciary liability, defense costs, cyber risk, HIPAA, and civil fines and penalty insurance coverage for a one-year term beginning January 30, 2024, with the option to extend for four additional one-year periods. Bidders must have a Certificate of Authority from the Commonwealth of Kentucky and an A.M. Best rating of B+ or better. Bids will be evaluated based on best value, with 100% of the points allocated to price. Bidders must submit their proposals electronically by January 4, 2024 at 1:30 PM ET. Vendor questions are due by December 21, 2023 at 12:00 PM ET. The contract will be awarded to the responsive and responsible bidder that meets the minimum requirements.

The procurement is open to all eligible insurers, including surplus lines insurers, if there are no responsive and responsible bidders with the required Certificate of Authority from the Commonwealth of Kentucky. There are no set-asides or restrictions on the types of organizations that can respond. The contract is not exclusive, and the Commonwealth reserves the right to separately contract for large coverage requirements. The budget or potential award value is not specified, but the premium will be based on the bidder's proposed pricing, which must exclude federal excise tax and Kentucky sales/use tax.