Objectives

The primary objective of this tender is to appoint a service provider to deliver short-term corporate insurance broking services for uMngeni-uThukela Water and its subsidiaries over a period of five years. The services aim to support the organization’s integrated risk management approach, including annual review and management of the insurance portfolio, risk sharing, and insurance placement to mitigate potential losses and optimize risk financing.

Scope

The scope of work includes:

• Approaching the market annually to obtain competitive insurance quotations and options.
• Determining appropriate risk retention and sharing structures through statistical analysis.
• Reviewing and formulating insurance policies and advising on coverage, indemnity limits, premiums, and insurer appointment.
• Monitoring insurer solvency and credit ratings, recommending salvage and recovery service providers.
• Providing insurance policies in both hard and soft copies annually.
• Reviewing and recommending risk management strategies, including insurance renewals and adjustments.
• Participating in meetings, negotiations, and providing training on insurance matters.
• Additional services as requested, such as arranging project-specific insurance.

Technical Requirements

The technical requirements include:

• Provision of comprehensive insurance broking services aligned with industry standards.
• Approach to market for competitive quotes annually and during contract renewal.
• Formulation of risk retention and sharing strategies based on statistical analysis.
• Review and formulation of insurance policies, including exclusions and coverage details.
• Monitoring insurer solvency and credit ratings, and recommending reputable insurers and salvage companies.
• Providing detailed insurance documentation and reports annually and upon request.
• Participation in meetings, negotiations, and training sessions.
• Adherence to all relevant laws, regulations, and industry standards.

Skills Requirements

The successful bidder must demonstrate:

• Experience in short-term corporate insurance broking, with a minimum of 2-3 years in similar projects.
• Proven expertise in managing insurance portfolios, including Contractors All Risks, Assets Risks, Liability, Crime, D&O, PI, Cyber, Trustee, and other relevant insurances.
• Capability to analyze and formulate risk sharing and retention strategies.
• Strong knowledge of insurance market trends, insurer solvency, and credit ratings.
• Qualified personnel including:
• Account Managers with relevant financial and insurance qualifications and experience.
• Specialist insurance agents with expertise in professional indemnity, D&O, cyber, and crime coverages.
• Claims managers with experience in handling insurance claims and disputes.
• Support staff with technical and administrative skills.
• Ability to communicate effectively, participate in negotiations, and provide training and advisory services.
• Compliance with all legal, regulatory, and contractual requirements.