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Insurance Broker RfP Guideline – Step by Step to write a request for proposal

Project Insurance is a complex matter, and finding the right carrier can be challenging. Luckily, insurance brokers are experts who can help you choose the perfect fit. Whether you’re seeking coverage for your business or hoping to win a new client as a broker, an Insurance Broker RFP for insurance is a crucial part of the process.

The request for proposal (RFP) process is the ideal way to compare the intricate offerings of various brokerage firms. This process benefits buyers, and it also enables brokers who respond to RFPs to showcase their services and ability to add value.

This article provides an in-depth guide to the insurance broker RFP. These resources will give you a comprehensive understanding of the RFP for insurance broker services and inspire you to issue or respond to your own RFPs.


[Background information of the company]

Projects/Assets Description

[Background information of the Project/Assets, e.g. list of projects, size, value, location(s)]

Insurance Broker RFP and RFP Requirements

This section normally requests the selected “Broker”to provide the comprehensive Insurance and Reinsurance services, not limited to broking the risk, recommend the comprehensive coverage and insurance/reinsurance placements, also ability to provide a professional support on risk management including EML/PML assessment and evaluation with technical claim advocacy.

RfP key Dates

Key dates apply to this RFP, for example:

RFP issue date: [xxxxxxxx]

RFP Submission Closing Date: [xxxxxxxx]

RFP Submission Closing Time: [xxxxxxxx]

Broker Appointment/ notice to Proceed: By no later than [xxxxxxxx]

Queries, Questions and Clarifications during the RFP

Brokers are to direct any queries and questions regarding the RFP content or process in writing to the below contact.

Email address: []

RFP Response and RFP Details & Instructions

The selected Brokers should provide at least the following information for evalation:

  • Executive summary of proposal;
  • An execution plan for the Project, including as a minimum:
  • Narrative description of the proposed management and organization of your services;
  • Nomination of key personnel, a general description of the role of each member proposed, his/her location, his/her availability for the duration of the Project.
  • Proposed Communication channel, including explanation on how, based on paragraphs i and ii above, you will interface with [Lenders, if any] and [Your Company Name]  and how you will ensure that seamless and well organized service is provided across various locations;
  • Details of company quality management system/approach to ensure that all deliverables are concluded on time and of acceptable quality.
  • Details of any additional services, with corresponding pricing, that you consider may be of value to the [Your Company Name]
  • Remuneration: this could be a Fee or brokerage proposal for each Phase of the Scope of Work as well as a summary of how your estimate was derived including, to the extent possible or relevant, sub-estimates for each area identified in the Scope of Work.For avoidance of doubt, the fee proposal shall include, but not be limited to, all professional fees including expenses for communication, drafting, reproduction, report preparation, interviews, planned site visits (and travel-related expenses for such site visits), sub-contracting services, research and laboratory work, etc. Essentially, your remuneration must reflect all other expenses for travel and hotel accommodation in connection with any meeting at the request of [Your Company Name]  (such travel expenses shall be subject to [Your Company Name] ’ prior approval).
  • Track record and experience(*), including the Insurance experience, capability and credibility of your firm with respect to relevant industry; The track record, experience, capability and credibility of your firm in advising [Your Company Name]  clients with a similar Scope of Work; The track record, knowledge and experience of your firm in respect of the [industry]; The track record, knowledge and experience of your firm in respect of local country insurance regulatory framework (including surveys, advises to relevant authorities, etc.);
  • Details of all members of the proposed Broker Servicing Team, together with a description of their experience in insurance and risk management, education, role, responsibilities and previous experience on Power Operational Projects with a similar nature and size. Brief CV’s should be provided for all key Broker personnel that will participate in Service Delivery, Marketing and Placement, Risk Services, Claims Services, Forensic Accounting Services and Other Services.
  • Describe the Broker Claims Handling Service with reference to Claims Specialist, Technical Support, and Forensic Services as required.
  • Any other advantages the broking firm has and can contribute to ensure successful development of the Project in a timely manner.
  • Proposed Engagement Agreement (if any)
  • Confirmation that the selected Broker acts as the single point of contract and takes full responsibility for all the services listed in the Scope of Work.
  • Confirm your ability to carry out and produce a detailed Risk Matrix/Register based on the information made available to you, if required, and detail how you would perform such an additional engagement and at what cost.
  • Confirmation of acceptance of the Scope of Work and any suggested additions to the Scope of Work that you consider relevant for the Project;
  • Confirmation that no conflicts of interest exist in relation to any members of the [Your Company Name] , including any of their affiliates, or any relevant government authorities in Vietnam related to the Project or, if any are identified, a plan for resolution.

 * Please make sure you verify the experience of each proposed team member. We have seen an international broking firm in Singapore alleaged that one of their team members has 10 years “insurance experience”, however, we found out that he has been working as an engineer in Wood Group and other firms in the UK. He has never worked in the Insurance industry until he joined this broking firm and his insurance experience is less than a year.



The proposal can be sent to [Your Company Name] by electronic mail (e-mail) as the soft document (PDF Format). The document must be received not later than xx:xx pm (local Thailand Time) of [Date] by the contact email addressed in Section 2.2 above.

Responses received after the Submission Closing Date will not be considered.

Should the need arise, there may be a presentation phase after the written submissions are received.

Limitation of liability

Broker shall confirm and accept a limitation of liability which is not less the [USD xxxxxxxxxx] for the servicing period supported by the Broker Error and Omission (E&O limits) or Professional Indemnity Insurance (PI limits) Policy.


Request the invited brokers:

  1. to treat the content of the RFP and any information related to this RFP as strictly confidential and secret under all circumstances.
  2. to use this confidential information only for the purpose of this RFP.
  3. not to disclose this confidential information to any person or entity for any purpose at any time without the prior written consent of [Your Company Name]

Rights of termination

[Your Company Name] reserves the right at any time in its sole discretion; to modify, suspend or terminate the tender process, or terminate the participation of any party in the process, or reject any and all Proposals, all without notice and without providing any reasons therefore and without incurring any cost or liability whatsoever.

Selection Criteria

Selection of the Broker will be based on the following basic criteria:

  • Scope of Services
  • Remuneration
  • Qualification, Experience and skills of the Placement and Service TeamRisk Engineering Expertise and CapabilitiesClaims Service Expertise and Capabilities
  • Adherence to the tender process

Please add or amend to fit your needs.

Annex with the required Scope of Works

Here are some standard examples of the scope of works.

Prior to Financial Close / Pre-Placement

  • Review all key project agreements in full from an insurance perspective 
  • Identify insurance requirements to be included in all key project agreements for both construction and operations 
  • Provide comments on critical aspects of the power generation technology and design that might affect insurance
  • Highlight any uninsured and/or uninsurable risks
  • Advise [Your Company Name]  the basis in arriving at sums insured and limits of liability
  • Develop a risk mitigation strategy taking into account [Your Company Name] ’ approach to risk and their risk appetite
  • Advise on the estimated cost and availability of all insurances, distinguishing between compulsory and optional coverage with a clear differentiation between construction and operations
  • Review all project information and develop a comprehensive underwriting report for presentation to (re)insurance markets
  • Design insurance program and present to [Your Company Name]  for review and approval, including providing the reasons and logic for each element of the programme
  • Develop a list of potential insurers/reinsurers and their financial ratings (S&P or similar)
  • Draft insurance policy wording to ensure adequate and suitable coverage for the Project
  • Review relevant local reinsurance legislation to the extent it has implications on the insurance program
  • Liaise where necessary with [Your Company Name] ’ other advisors
  • Support [Your Company Name]  in discussions and financial modelling works with Lenders and their advisors
  • Assist with insurance input to the credit term sheet
  • Oversee all back-to-back agreements and conditions precedent leading to Financial Close


  • Prepare a detailed insurance and reinsurance underwriting submission
  • Finalize the insurance and reinsruance marketing/procurement plan and agree it with [Your Company Name]
  • Ensure the insurance program complies with the requirements under all relevant project and financing agreements
  • Identify insurance and reinsurance markets with appropriate risk appetite to ensure market support for the placement as well as best possible terms for [Your Company Name]  
  • Ensure the panel of insurers/reinsurers complies with the minimum security ratings stipulated by Lenders
  • Lead a marketing effort with insurers/reinsurers
  • Develop and manage a competitive tender process
  • Provide regular reports on the progress of the marketing efforts
  • Review and analyze insurance offers and recommend lead terms
  • Finalize placement with selected insurers/reinsurers
  • Issue all insurance policy, cover note and other insurance related documentation to [Your Company Name], Lenders’ and any other Project Party’s satisfaction
  • Assist [Your Company Name]  to identify and appoint a suitably qualified, nominated loss adjustor

Post-Financial Close / Post-Placement

  • Manage all insurance matters during design, construction and through the defects liability/maintenance period
  • Develop a Project-specific claims manual
  • Manage all claims, renewals and regular reviews
  • Maintain detailed loss record
  • Ensure insurers/reinsurers are kept fully advised of all mateBrokerl changes
  • Continue to work with Lenders and their advisors as required
  • Submit periodic reports to insurers/reinsurers as required
  • Negotiate and facilitate changes and/or extensions to policy coverage from time to time as required 

Loss prevention

  • Arrange with insurers/reinsurers for periodic engineering risk management surveys onsite to ensure that prudent loss prevention practices are adopted during construction and operations
  • Liaise with appointed marine surveyors appointed by insurer or reinsurer to ensure that critical items are surveyed per policy requirements

Engineering and Risk Management

  1. Conduct Estimated Maximum Loss (“EML”) Assessment & Evaluation, in the content format structure of the report acceptable to lenders and their insurance advisor
  2. Arrange and complete Risk Insurance Survey on annual basis and providing an Insurance Broker Risk Survey Report following survey as required by Lenders under Loan/Finance Agreement within pre-agreed timeframe
  3. Coordination with Insurers and Insurer Site Visits

Claim Management

  1. Provide Claims Technical Advocacy Specialist
  2. Assist in incident notification and provide support and guidance regarding claims, including coordination of the insurers, loss adjuster and claim administrator
  3. Assist and support in the adjustment and management of large/complex claims and accelerating to a final settlement.Maintain claims statistics on on-going and settled claims
  4. Provide Forensic Accountant Services to facilitate calculation of BI claims quantum
  5. Collect Claims Proceeds including issue the claim report to lenders if required


  • Advise of any material adverse change in circumstances which  may necessitate an immediate review in whole or in part of the insurances in place in connection with the Project
  • Advise and assist in the negotiation of any changing requirements for the Project insurances
  • Assist as necessary at meetings regarding Project insurances with [Your Company Name], Lenders and their respective advisors at all stages of the Project
  • Advise financial rating (S&P or A.M. Best or Fitch) for insurers/reinsurers participating in or proposed to participate in the Project insurance program
  • Liaise and assist Lenders’ Insurance Advisor in fulfilling Project Company’s reporting requirements to Lenders under the financing agreements