Insurance Broker Services for Property/Package Coverages

MARYLAND STATE TREASURER’S OFFICE
Louis L. Goldstein Treasury Building
80 Calvert Street, Room 109
Annapolis, Maryland 21401

REQUEST FOR PROPOSALS (RFP)
FOR
INSURANCE BROKER SERVICES FOR
PROPERTY/PACKAGE COVERAGES
RFP #PROP/PKG - 12192025

ISSUE DATE: DECEMBER 19, 2025

NOTICES :
STO strongly encourage s MBE participation in all its solicitations, especially when
there is/are no stated goal(s). To the extent that MBEs employed in this industry are
interested but are not fully qualified to respond, please contact the Procurement
Officer listed on the Key Information Summary Sheet for further information.

A Prospective Offeror that has received this document from a source other than eMaryland Marketplace
Advantage (eMMA ) https://procurement.maryland.gov should register on eMMA . See Section 4.2.

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STATE OF MARYLAND
VENDOR FEEDBACK FORM
To help us improve the quality of State solicitations, and to make our procurement process more
responsive and business friendly, please provide comments and suggestions regarding this solicitation.
Please return your comments with your response . If you have chosen not to respond to this solicitation,
please email this completed form to the attention of the Procurement Officer (see Key Information
Summary Sheet below for contact information).
Title : Insurance Broker Services for Property/Package Coverage s
RFP #: PROP/PKG - 12192025
1. If you have chosen not to respond to this solicitation, please indicate the reason(s) below:
Other commitments preclude our participation at this time
The subject of the solicitation is not something we ordinarily provide
We are inexperienced in the work/commodities required
Specifications are unclear, too restrictive, etc. (Explain in REMARKS section)
The scope of work is beyond our present capacity
Doing business with the State is simply too complicated . (Explain in REMARKS section)
We cannot be competitive . (Explain in REMARKS section)
Time allotted for completion of the Proposal is insufficient
Start -up time is insufficient
Bonding/Insurance requirements are restrictive (Explain in REMARKS section)
Proposal requirements (other than specifications) are unreasonable or too risky (Explain in
REMARKS section)
MBE or VSBE requirements (Explain in REMARKS section)
Prior State of Maryland contract experience was unprofitable or otherwise unsatisfactory .
(Explain in REMARKS section)
Payment schedule too slow
Other: __________________________________________________________________
2. If you have submitted a response to this solicitation, but wish to offer suggestions or express
concerns, please use the REMARKS section below . (Attach additional pages as needed.)
REMARKS:
____________________________________________________________________________________
____________________________________________________________________________________
Vendor Name: ________________________________ Date: _______________________
Contact Person: _________________________________ Phone (____) _____ - _________________
Address: ______________________________________________________________________
E-mail Address: ________________________________________________________________

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KEY INFORMATION SUMMARY SHEET

Request for Proposals Insurance Broker Services for Property/Package
Coverages

Solicitation Number: RFP # PROP/PKG - 12192025

RFP Issue Date: December 19th 2025

RFP Issuing Office: State Treasurer’s Office (“STO” or the "Office")

Procurement Officer: Kris Chewlin
Louis L. Goldstein Treasury Building
80 Calvert Street, Room 109
Annapolis, Maryland 21401
e-mail:
Office Phone: kchewlin@treasurer.state.md.us
410-260-7428

Proposals are to be sent to: eMMA Portal or via Mail or Hand Delivery (delivery via
eMMA is highly preferred)

Questions Due Date and Time January 9th 2026 by 2.00 p.m. Local time

Proposal Due (Closing) Date
and Time: January 30th 2026 by 2.00 p.m. Local time
Offerors are reminded that a completed Feedback Form is requested if a no -bid decision is made (see page iv ).
Oral Presentations, if any To be decided and will be communicated to the chosen
finalists; tentatively scheduled to be held between the weeks of February 9
th to February 18th 2026 at the
STO’s office in Annapolis MD.

MBE Subcontracting Goal: 25%
Contract Type: Fixed Fee
Contract Duration: Five (5) year base period with two (2) one -year renewal
option periods

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TABLE OF CONTENTS
1 Minimum Qualifications ...................................................................................................................... 7
Offeror Minimum Qualifications ................................................................................................. 7
2 Contractor Requirements: Scope of Work ........................................................................................ 8
Summary Statement ..................................................................................................................... 8
Insurance Broker Services ........................................................................................................... 8
Auditing ....................................................................................................................................... 9
Order of Precedence .................................................................................................................. 10
Category A – Excess B lanket Property and Related Coverages ................................................ 11
Category B – Bridges and Tunnels Property Coverage ............................................................. 15
2.7 Term .......................................................................................................................................... 16
2.8 Compensation ............................................................................................................................ 16
2.9 Staffing Requirements ............................................................................................................... 16
3 Contractor Requirements: General .................................................................................................. 18
End of Contract Transition ........................................................................................................ 18
Invoicing .................................................................................................................................... 18
Disaster Recovery and Data ...................................................................................................... 19
Insurance Requirements ............................................................................................................ 19
Security Requirements ............................................................................................................... 20
Experience and Personnel .......................................................................................................... 21
Substitution of Personnel ........................................................................................................... 21
Minority Business Enterprise (MBE) Reports ........................................................................... 22
4 Procurement Instructions .................................................................................................................. 23
Pre-Proposal Conference ........................................................................................................... 23
eMaryland Marketplace Advantage (eMMA) ........................................................................... 23
Questions ................................................................................................................................... 23
Procurement Method ................................................................................................................. 23
Proposal Due (Closing) Date and Time ..................................................................................... 23
Multiple or Alternate Proposals ................................................................................................. 23
Economy of Preparation ............................................................................................................ 23
Public Information Act Notice .................................................................................................. 23
Award Basis ............................................................................................................................... 24
Oral Presentation ....................................................................................................................... 24
Duration of Proposal .................................................................................................................. 24

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Revisions to the RFP ................................................................................................................. 24
Cancellations ............................................................................................................................. 24
Incurred Expenses ..................................................................................................................... 24
Protest/Disputes ......................................................................................................................... 24
Offeror Responsibilities ............................................................................................................. 24
Acceptance of Terms and Conditions ........................................................................................ 25
Proposal Affidavit ..................................................................................................................... 25
Contract Affidavit ...................................................................................................................... 25
Compliance with Laws/Arrearages ........................................................................................... 25
Verification of Registration and Tax Payment .......................................................................... 25
False Statements ........................................................................................................................ 25
Payments by Electronic Funds Transfer .................................................................................... 26
Electronic Procurements Authorized ......................................................................................... 26
MBE Participation Goal ............................................................................................................ 27
Living Wage Requirements ....................................................................................................... 28
Conflict of Interest Affidavit and Disclosure ............................................................................ 28
Maryland Healthy Working Families Act Requirements .......................................................... 29
5 Proposal Format ................................................................................................................................. 30
Two Part Submission ................................................................................................................. 30
Proposal Delivery and Packaging .............................................................................................. 30
Volume I – Technical Proposal ................................................................................................. 31
Volume II – Financial Proposal ................................................................................................. 33
6 Evaluation and Selection Process ...................................................................................................... 34
Evaluation Committee ............................................................................................................... 34
Technical Proposal Evaluation Criteria ..................................................................................... 34
Financial Proposal Evaluation Criteria ...................................................................................... 34
Selection Procedures .................................................................................................................. 34
Documents Required upon Notice of Recommendation for Contract Award ........................... 35
Attachment A. Financial Proposal Instructions & Form s ................................................................ 36
Attachment B. Proposal Affidavit ....................................................................................................... 40
Attachment C. Maryland Living Wage Affidavit of Agreement for Service Contracts ................ 46
Attachment D . Minor ity Business Enterprise Forms ........................................................................ 49
Attachment E. Conflict of Interest Affidavit and Disclosure ........................................................... 50

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Attachment F. Contract ........................................................................................................................... 51
Attachment G. Billing Subcontractors .................................................................................................... 60
Attachment H. Contract Affidavit ........................................................................................................... 62

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1 Minimum Qualifications
Offeror Minimum Qualifications
As part of the determination to be considered reasonably susceptible of being selected for award, the Offeror must
document in its Proposal that, within the last five (5) years, the following Minimum Qualifications have been met:
1.1.1 The Offeror shall have a d esignate d employee to handle STO coverage that has a minimum of 10
years of experience in each of the relevant commercial coverages ( i.e. Property/Package
Coverages, as applicable ).
*Required Documentation: As proof of meeting this requirement, the Offeror shall provide with
its Proposal t hree or more references within the past five years that are able to collectively attest
to the Offeror’s required years of experience in providing Property/Package and Boiler
Insurance Broker Services.
1.1.2 All insurance companies for which coverage is placed under the contract and for offeror’s own
insurance coverage shall have an A.M. Best rating of “A -” or better.
1.1.3 They have and will maintain all necessary permits and licenses required by local, State and/or
federal laws.

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2 Contractor Requirements: Scope of Work
Summary Statement
The Office is issuing this Request for Proposals (RFP) to select one or more insurance broker s to represent the
State’s insurance needs in the areas of Property/Package Insurance coverage (Category A – Excess Blanket
Property and Related Coverages and Category B - Bridges and Tunnels Property Services) . The selected
insurance broker or brokers will market , manage and service the existing coverages, as well as any coverages added
in the future, present the Office with competitive quotes and recommendations, place the coverage, and service the
coverage each year. This will include any related coverage additions and services or replacements thereto. Related coverages and services may be added at any time during the Contract period.
It is the State’s intention to obtain services , as specified in this RFP , from a Contract between the selected Offeror
(s) and the State.
The Office may award one or more contracts from this RFP . See RFP Section 4.9 (Award Basis ) for more
Contract award information. Offerors are encouraged to submit proposals for either Category A or
Category B coverage, or both. An Offeror, either directly or through its subcontractor(s), must be able to provide the services and meet the
requirements requested in this solicitation and the successful Offeror (the Contractor) shall remain responsible for
Contract performance regardless of subcontractor participation .
Insurance Broker Services
With respect to the coverages identified below for Property/Package coverages, (Section s 2.5 – 2.6), as well as any
related coverages requested by the Office to be added in the future, the selected insurance broker shall be
responsible for providing the following services to the office:
2.2.1 Market and obtain quotations for each policy, reporting on an insurer’s financial status, and plac e and
service the desired insurance coverages.
2.2.2 Provide carrier loss runs for a minimum of five years at least 90 days before expiration of each coverage,
including any prior year with open losses. If for any reason a carrier will not provide this information,
the broker must submit a written explanation to the Office’s Director of Insurance explaining why loss
runs cannot be supplied and request an exception to this requirement. The Office may change the loss
frequency at its discretion, at any time. Where possible, loss runs should be provided in Excel format.
2.2.3 Act as an advocate for the Office with regard to communication with the insurers, intermediaries, and
any subcontractors to negotiate and obtain the lowest possible fees.
2.2.4 Offer creative solutions and innovative suggestions for the Office to consider.
2.2.5 Submit a semiannual stewardship report for Property/Package as applicable. The report should outline
intended activities on behalf of the State for the upcoming six (6) months and include the status of all
items in the prior six (6) month report. Reports are due two (2) weeks after the end of each six (6) month calendar year period.
2.2.6 Review and verify insurance documents received from insurers for accuracy, requesting any necessary
revisions, and ensure receipt of revisions from the insurance company.
2.2.7 Act as a liaison with insurers on loss control inspections and recommendations.
2.2.8 Provide an electronic copy of all policies. All coverages placed with multiple layers must include an
Excel graphic display of the placement showing carriers, limits, and premiums per layer.
2.2.9 Obtain policy endorsements as requested. The Office needs an electronic copy provided by either carrier
or broker.
2.2.10 Prepar e and mail original certificates of insurance and provid e electronic cop ies to the Office and the
applicable State agency as requested.
2.2.11 Assist the Office if it requests that other related coverages be added during the term of the Contract.
The Office will not be charged an insurance broker services fee for quotes for new coverage unless and
until the coverage is purchased. If a renewal quote is offered and a decision is made not to renew the coverage for any reason, no insurance broker fee will be paid. This is an unusual occurrence.
2.2.12 Develop a strategy for upcoming renewal s to be presented in writing to the Office a minimum of 120
days before expiration. Include and identify any intended intermediaries (who will be considered
subcontractors under the Contract) used in the quote process and disclose , where available, the full
commission rate and the anticipated negotiated rate of commission. When commission rates are not
available, the insurance broker must provide an explanation to the State for the reason the commission
rate is not available.

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2.2.13 Notify the Office 120 days prior to the renewal strategy presentation date whether a State generated loss
history is required for the renewal. This request should include all necessary data required to complete
the renewal strategy.
2.2.14 Coordinat e the collection of underwriting data for the policies placed on behalf of the State, including
complete loss statistics and other underwriting data. The loss data should include a brief description of
losses valued over $25,000.
2.2.15 Provide renewal quotes on all policies , preferably sixty (60) days before expiration as available . All
quotes must include the insurance broker’s recommendation including the supporting reasons for that
recommendation. Where there are an adequate number of markets to do so, provide multiple quotes (a
minimum of two , but three preferred ) for competitive purposes. In the event this requirement is not
possible or recommended, the insurance broker must submit a letter of explanation/recommendation to
the Office’s Director of Insurance at least 90 days before the policy expires to obtain acceptance or
denial of the recommendation. For those carriers who decline to offer a quote on coverage, a copy of
the declination from the carrier indicating why they chose not to quote is required.
2.2.16 Consider all qualified carriers for quotes. Carriers may contact the insurance broker to quote on a
coverage. The insurance broker must document all contacts from qualified and non- qualified carriers
and must provide information to the Office on the result s.
2.2.17 Provide risk management and professional services directly or indirectly, and other recommendations
as requested by the Office, including, but not limited to, minimizing loss potential, and transfer of risk
techniques, if applicable.
2.2.18 Provide detailed rating worksheets on insurance proposals as requested by the Office with either a full
set or a sampling that reflects the pricing detail used is required.
2.2.19 Assist the Office with training classes for State agency personnel as needed.
2.2.20 Provide periodic benchmarking information on limits, deductibles, and coverages as requested by the
Office.
2.2.21 Offer guidance on State Agency RFP insurance requirements as requested by the Office .
2.2.22 Disclose coverage additions and coverage restrictions on all renewal quotes.
2.2.23 Provide answers to the Office and obtain clarification from insurers, underwriters or adjusters regarding
coverage or claims questions.
2.2.24 Provide a Binder of Insurance prior to the effective date of the coverage for all policies.
2.2.25 Provide renewal premium and broker fee invoices in a timely fashion, preferably on or before coverage
is effective.
2.2.26 Provide a commercial claim reporting process within fifteen (15) days of binding, which includes but
is not limited to, the parties to which claims should be reported, their respective company/carrier and
position, those parties’ contact information, including email addresses, and the format and required
information for the claims report.
2.2.27 Provide a chart (preferably in Excel) in each renewal proposal to exhibit expiring coverages, limits,
deductibles, rate, and premiums as compared with all renewal quotes offered.
2.2.28 Prepa re a Master Statement of Values in each year of the contract based on the Annual Insurance Survey
completed by State Agencies and deliver t o the Office no later than December 1 of each year. The
Statement of Values will include a schedule of all locations, with buildings, contents and EDP/computer
values compiled from the Surveys . A separate report comparing the year over year total building,
contents and EDP/computer values by Agency is also required. There are approximately 150 Agencies and both the Statement of Values and year over year reports should be provided in Excel format.
Auditing
Offeror must have its financial statements audited annually by an independent certified public accounting firm and
receive an unqualified opinion from the Auditor. Upon request, over the term of the Contract, Offeror must provide
the Office with current a udited financial statements. At the Office’s discretion the State may audit or subcontract
an audit of Offeror’s processing procedures to ensure contract compliance.

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Order of Precedence
The Contract between the parties will be embodied in the Contract documents which will consist of the following,
listed in their order of precedence:

1) The executed Contract;
2) The RFP; and
3) The Offeror’s proposal

The Office will not accept any modifications to the order of precedence provision of this solicitation.

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CATEGORY A – EXCESS BLANKET PROPERTY AND RELATED COVERAGES

2.5.1 Blanket Excess Property Coverage
First Effective Policy – April 1 , 2027

Named Insureds:
State of Maryland

A. Scope of Operations:
Excess coverage which covers real, personal property, EDP/computers/scientific
equipment and fine arts owned, in the care, custody and control of, or operated by the State,
including but not limited to office complexes, universities, hospitals, airports, c orrectional
facilities, warehouses, military facilities, rail systems, port facilities, armories and
stadiums.
B. Summary of Coverage and Limits:

1. Limits:

$500,000,000 Maximum Limit any one occurrence for “All Risk” perils, coverages and
locations combined, subject to sub- limits and policy terms, conditions and exclusions.

Sub-limits include but are not limited to:
• $233,930,728 Reproduction Cost for the State House situated 100 State Circle, Annapolis,
Maryland or $10,000,000 if not replaced
• $42,277,204 Reproduction Cost for Davidge Hall situated 555 Lombard Street, Baltimore,
Maryland
• $250,000,000 University of Maryland Sodium Experiment
• $250,000,000 Named Storm
• $500,000,000 Wind
• $50,000,000 Annual Aggregate – Flood
o $15,000,000 Annual Aggregate - Special Flood Hazard Area (SFHA) as defined
by FEMA
• $75,000,000 Annual Aggregate – Earthquake
• $25,000,000 Newly Acquired Locations - 120 day reporting
• $25,000,000 Property in Course of Construction, Erection, Assembly or Installation
• $1,250,000 Soft Costs
• $20,000,000 Outdoor Property
• $250,000,000 Ordinance or Law – Undamaged Portion (A)
• $10,000,000 Ordinance or Law – Combined Demolition and Increased Cost of
Construction (B&C)
• $10,000,000 Service Interruption including overhead Transmission/Distribution Lines
• $10,000,000 Radioactive Contamination
• $10,000,000 Research Materials
• $15,000,000 Miscellaneous Unnamed Locations
• $10,000,000 Accounts Receivable
• $10,000,000 Valuable Papers
• $10,000,000 Extra Expense
• $10,000,000 Expediting Expense
• $5,000,000 Debris Removal
• $5,000,000 Transit
• $5,000,000 Green Upgrades
• $5,000,000 Fine Arts
• $1,000,000 Civil Authority
• $1,000,000 Ingress/Egress
• $250,000 Fungus, Mold or Spore – Annual Aggregate
• $100,000 Limited Pollution – Annual Aggregate

As respects Electronic Data Processing Systems (EDP) ONLY the following limits apply:
• $175,000,000 Any one occurrence, not to exceed:
o $206,102,070 Any one occurrence - 707 N. Calvert Street,

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Baltimore, Maryland
o $50,000,000 Any one building
o $ 5,000,000 Extra Expense
o $ 5,000,000 Foreign Locations
o $ 5,000,000 Transit
o $ 2,000,000 Lottery Equipment
o $ 1,000,000 Mobile Equipment
o $ 100,000 Business Interruption

2. Deductibles:

• $2,500,000 each occurrence, subject to $10,000,000 annual aggregate deductible.
($100,000 Maintenance Deductible, once aggregate is exhausted)
• Named Windstorm: 2% of TIV at each location in Tier 1 counties involved in loss or
damage, subject to a minimum of $2,500,000 any one occurrence, $10,000,000 maximum.

• As respects EDP ONLY the following deductibles apply:
o $100,000 per occurrence, except;
 $500,000 Flood - Zones A, B or Shaded X
 $100,000 Earthquake
 $ 10,000 ARAN Equipment
 $ 1,000 Foreign Locations
 $ 1,000 Lottery Equipment, except;
• $ 25,000 At Maryland State Lottery Plaza, Office Ctr.,
Reisterstown Road, Baltimore, Maryland

3. Total insured values:

4-1-2025/2026 = $69,890,435,265
Current schedule will be provided to the successful bidder.

4. General Terms:

• The policy and any endorsement may not be modified except by mutual agreement and written instrument.
• Carrier will provide 90 Day notice of cancellation and/or non- renewal
• Permit for Vacancy
• Joint Loss Agreement
• Dams, Piers & Jetties included for coverage

C. Previous Carriers and Losses Incurred (Lead Layer Only) :
Policy Period Carrier Incurred Losses
4/1/2025 – 2026 AIG Specialty $8,915
4/1/2024 – 2025 AIG Specialty $78,899
4/1/2023 – 2024 AIG Specialty $49,202
4/1/2022 – 2023 AIG Specialty $2,430,314
4/1/2021 – 2022 AIG Specialty $45,996

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2.5.2 Terrorism – Blanket Property and Time Element
First Effective Policy – October 13, 2026

Named Insureds:
State of Maryland

A. Scope of Operations:
The State of Maryland operations include but are not limited to universities, hospitals, airports, correctional facilities, warehouses, military facilities, rail systems, port facilities,
armories and stadiums.

B. Summary of Coverage and Limits:
Coverage applies to State owned real and personal property while located within the
United States of America. Property includes the Maryland Transportation Authority
(MDTA) Toll Bridges, Tunnels, and Road including toll express lanes and ICC and “non-
major structures” that are essential to maintain access to the toll facilities, and loss of
revenue for MDTA. There are two policies which form the program, Terrorism & Malicious
Acts is one, CBRN the other.

1. Limits :

$500,000,000 Terrorism and/or Sabotage – Any one occurrence and in the Aggregate for
Property Damage and Time Element

$5,000,000 Malicious Acts – Any one occurrence and in the Aggregate

$2,000,000 Terrorism – Chemical, Biological, Radiological and Nuclear – Any on e
occurrence and in the Aggregate

2. Excess of:
$100,000 Any once occurrence – Property Damage and Time Element Combined
$25,000 Any one occurrence – Malicious Acts

$10,000 Any one occurrence – Chemical, Biological, Radiological and Nuclear

C. Previous Carriers and Losses Incurred:

Policy Period Carrier Incurred Losses
10/13/2025 – 2026 Lloyds of London $0
10/13 /2024 – 2025 Lloyds of London $0
10/13 /2023 – 2024 Lloyds of London $0
10/13 /2022 – 2023 Lloyds of London $0
10/13 /2021 – 2022 Lloyds of London $0

2.5.3 Boiler and Machinery/Equipment Breakdown Coverage
First Effective Policy – September 30, 2027

Named Insureds:
State of Maryland

A. Scope of Operations:
The boiler and machinery coverage is Statewide with concentrations in Baltimore City,
College Park, and Annapolis; there are over 3,000 State owned objects subject to
jurisdictional inspection, at locations including but not limited to universities, airports,
office complexes, hospitals, warehouses, rail systems, port facilities, correctional
facilities, military facilities, armories and stadiums. Objects include boilers and pressure
vessels, heating, ventilation, air conditioning, and power generating equipment.

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B. Summary of Coverage and Limits:
Comprehensive boiler and machinery coverage on a blanket basis covering all objects owned,
leased, or under the direct control of the State, including equipment serving MDTA Bridges
and Tunnels.

1. Limits :

$150,000,000 Property Limit including Property Damage, Business Income, and Extra
Expense

Sub-limits include but are not limited to:
$10,000,000 Expediting Expenses
$ 5,000,000 Spoilage
$10,000,000 Ordinance or Law
$ 1,000,000 Ammonia Contamination
$ 2,500,000 Hazardous Substance
$ 5,000,000 Water Damage
$ 5,000,000 Unnamed Locations

2. Deductibles :

$250,000 Combined Deductible, except;
$1,000,000 Water Damage Deductible for University System of Maryland institutions

3. General Terms:

 The policy and any endorsement may not be modified except by mutual
agreement and written instrument.
 Carrier will provide 90 Day notice of cancellation and/or non- renewal to the
State .
 Services will include timely inspections and reporting of all objects required to be inspected under the State of Maryland Boiler and Pressure Vessel Safety Act
and Code of Maryland Regulations.
 Joint Loss Agreement
 Boiler Safety Seminar to be provided annually upon request. The presentation shall include maintenance, safety, and code issues for State facilities and safety
personnel.
 Summary of location inspections and recommendation status on a monthly basis .
 Twenty (20) days of annual infrared testing is to be included in the premium.
 Twenty (20) Transformer Oil and Gas Test Kits and Analysis included in the premium.

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CATEGORY B – BRIDGES AND TUNNELS PROPERTY COVERAGE

2.6.1 Maryland Transportation Authority (MDTA)
Bridges and Tunnels – Property
First Effective Policy – December 1, 2026

Named Insured s:
Maryland Transportation Authority, State of Maryland

The Bank of New York, as Trustee under the Second Amended and Restated Trust Agreement
dated as of September 1, 2007, by and between the Authority and the Trustee, as amended by the
First Supplemental Trust Agreement dated as of March 1, 2008, the Second S upplemental Trust
Agreement dated as of April 29, 2008, the Third Supplemental Trust Agreement dated as of December 1, 2008, the Fourth Supplemental Trust Agreement dated as of December 1, 2009, the
Fifth Supplemental Trust Agreement dated as of July 1, 2010, the Sixth Supplemental Trust
Agreement dated as of February 1, 2012, the Seventh Supplemental Trust Agreement dated as of
July 1, 2017, and the Eighth Supplemental Trust Agreement dated as of June 1, 2019, as their
respective interest may appear.

A. Scope of Operations:

Since 1971, MDTA has been responsible for constructing, managing, and operating
the State’s toll facilities, as well as financing new revenue producing transportation
projects. MDTA currently has jurisdiction over five (5) Toll Bridges, two (2) Tunnels,
and numerous roads (including toll express lanes and ICC) and “non -major structures”
that are essential to maintain access to the toll roads and facilities. Day to day maintenance
of the facilities is provided by MDTA staff. Large scale maintenance projects, such as
resurfacing, are performed by qualified contractors. A nationally recognized consulting
engineering firm inspects each of MDTA toll bridges and tunnel facilities annually and
recommends an intermediate to long range maintenance program.

B. Summary of Coverage and Limits:

All risks of direct physical loss or damage to the property, including specified non- major
structures, and excluding terrorism that is insured separately.

1. Limits:
$500,000,000 Maximum Per Occurrence

Sub -limits include but are not limited to:
• $500,000,000 Physical Loss
• $500,000,000 Loss of Revenue – Period of Indemnity Per Schedule
• $500,000,000 Annual Aggregate for Flood
• $500,000,000 Annual Aggregate for Named Windstorm
• $500,000,000 Annual Aggregate for Earth Movement
• 25% of Physical Loss or $25,000,000 – Lesser of for Debris Removal
• 20% of Physical Loss or $10,000,000 – Lesser of for Expediting Expense
• 20% of Physical Loss or $10,000,000 – Lesser of for Extra Expense
• $25,000,000 Annual Aggregate for Demolition and Increased Cost of
Construction
• $25,000,000 Ingress/Egress – 60 Days
• $10,000,000 Miscellaneous Unnamed Location
• $500,000 Claim Preparation Expenses
• $500,000 Protection Service Charges
• $1,000,000 Radioactive contamination per occurrence/annual aggregate

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2. Deductibles:
$50,000,000 Each Occurrence
30 Calendar Days – Waiting Period for Loss of Revenue

3. Property insured:
Scheduled property structures and loss of revenue resulting from the necessary total or partial
suspension of use of the property insured which results from an insured peril and occurring during
the term of the policy .

Total Insured Values for the term 12/1/2025-26 = $30,350,461,683

Current schedule will be provided to the successful bidder.

4. Valuation:
Replacement Cost if repaired or replaced, otherwise Actual Cash Value for Property Damage
Actual loss sustained – Loss of Revenue

5. General Terms:
• Policy Cancellation: Ninety (90) day cancellation clause required from carrier for non-
renewal.
• The policy and any endorsement may not be modified except by mutual agreement and written instrument.

C. Previous Carriers and Losses Incurred:

Policy Period Carrier Incurred Losses
12/1/2025 – 2026 Various $0
12/1/2024 – 2025 Various $0
12/1/ 2023 – 2024 Chubb/ACE $350,000,000
12/1/2022 – 2023 Chubb/ACE $0 12/1/2021 – 2022 Chubb/ACE $0

2.7 Term
The term for the Contract for Property/Package Insurance Coverages will be September 1, 2026 through August
31, 2031, with up to two consecutive one -year renewal options on the contract to be exercised at the sole
discretion of the Treasurer or the Treasurer’s designee. Insurance Broker Services provided under each
Contract shall continue for any renewal policy in process or placed within the term of the Contract until the expiration of the policy.

2.8 Compensation
For each policy obtained on behalf of the State by the selected Offeror, the Office shall pay to the selected Offeror the insurance broker services fee for that policy as well as the premiums relating to any coverage, no later than 30
days after receipt by the Office of an original invoice from the Offeror. For existing policies, the broker services fee shall be as specified in the Contract (or in the case of any multi -year policy, one broker services fee will apply
for the entire coverage term and invoice d only at inception) . For new or added policies, the Offeror agrees to
negotiate with the Office in good faith to determine a reasonable broker services fee for such policy to be in effect
for the remainder of the Contract term.
Generally, the Contractor will be responsible for submitting invoices for payment of broker services fees and
premiums; however, in certain limited circumstances when payment of premiums may not be made directly to Contractor in order to comply with certain regulatory requirements, invoices for premiums may be submitted by a
subcontractor approved by the Office. Approved subcontractors to whom such payment must be made directly
will typically be intermediaries operating in foreign countries and are sometimes referred to as “Billing

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Subcontractors.” All Billing Subcontractors must be identified on Exhibit G to the Contract (Attachment G to
the RFP), which may be amended from time to time. In all cases, properly submitted invoices will be paid within
30 days of receipt by the Office.

Each invoice for services rendered and/or for premiums to be paid must reflect the federal tax identification number
of the Contractor or approved Billing Subcontractor . Charges for late payment of invoices, other than as prescribed
by Title 15, Subtitle 1 of the State Finance and Procurement Article, Annotated Code of Maryland, as from time to
time amended, are prohibited.
The insurance broker services fees specified in the Contract (or negotiated for multi -year, new or added policies)
and/or premiums are paid directly to the Contractor, must agree to return to the State of Maryland , within 30 days
of receipt , any and all commission income, overrides, contingencies , or bonuses earned as a result of the State’s
coverage(s) . If for any reason a policy cannot be written net of commission any earned commission, in excess of
the insurance broker fee will , be returned to the State . Notwithstanding anything to the contrary contained in the
RFP or Contractor’s Price Proposal, in the event that payment of a premium is made to a Billing Subcontractor
instead of the Contractor in order ensure compliance with regulatory requirements, the C ontractor shall not be
obligated to return to the State any commission that is paid to such Billing Subcontractor.
Insurance broker services fees are all inclusive. The Office will not pay travel expenses, express mail or other
administrative expenses of the Offeror. The Office will not pay any insurance broker services fee relating to quotes
for new coverage unless and until the coverage is purchased. If the Offeror provides a renewal quote, and the
Office decides not to renew the coverage for any reason, the Office will not pay any insurance broker services fee.

By submitting a response to this solicitation, the Offeror agrees to accept any payments from the State by electronic
funds transfer unless the State Comptroller’s Office grants an exemption. See Section 4.23 “Payments by
Electronic Funds Transfer” or additional information . Any approved Billing Subcontractor to whom direct payment
of premiums may be made must also comply with these requirements. In order to ensure uninterrupted and timely
processing of invoices to avoid any “Non- Renewal” of policies related to this Contract, the Contractor agrees to
submit the most current EFT Registration Request Form at least 90 days in advance of the invoice due date.

2.9. Staffing Requirements
The Office expects that personnel will be assigned to the account as described in Section 3.6 and the Offeror’s
Technical Proposal. If one or more of the proposed personnel become unavailable for continuation of the work
assignment, the Contractor shall replace said individual(s) with personnel of substantially equal ability and
qualifications. However, any changes to designated person nel will require the prior written approval of the Office.

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3 Contractor Requirements: General
End of Contract Transition
At the end of the Contract term, the Contractor shall continue to perform any contract services that were in process
on the expiration date of the Contract and shall receive the payment specified in the Contract for such services.
The Contractor shall also assist the Office during any transition period to a new contractor and provide all necessary information and data to any subsequent contractor engaged to perform the services described in this RFP.
Invoicing
3.2.1 General
A. The Contractor shall e- mail and send by First Class Mail the original of each invoice and
signed authorization to invoice to the Contract Monitor and the STO Accounting Department
at e-mail address: STOaccountspayable@treasurer.state.md.us and mail at 80 Calvert Street,
Room 109, Annapolis, Maryland 21401 Attn: Accounts Payable.
B. All invoices for services shall be verified by the Contractor as accurate at the time of submission.
C. An invoice not satisfying the requirements of a Proper Invoice (as defined at COMAR
21.06.09.01 and .02) cannot be processed for payment. To be considered a Proper Invoice,
invoices must include the following information, without error:
1) Contractor name and address;
2) Remittance address;
3) Federal taxpayer identification (FEIN) number, social security number, as appropriate;
4) Invoice period (i.e. time period during which services covered by invoice were
performed);
5) Invoice date;
6) Invoice number;
7) State assigned Contract number;
8) Goods or services provided;
9) Amount due; and
10) Any additional documentation required by regulation or the Contract.
D. The Office reserves the right to reduce or withhold Contract payment in the event the
Contractor does not provide the Office with all required deliverables within the time frame
specified in the Contract or otherwise breaches the terms and conditions of the Contract until
such time as the Contractor brings itself into full compliance with the Contract .
E. Any action on the part of the Office , or dispute of action by the Contractor, shall be in
accordance with the provisions of Md. Code Ann., State Finance and Procurement Article §§
15-215 through 15-223 and with COMAR 21.10.04.
F. The State is generally exempt from federal excise taxes, Maryland sales and use taxes, District of Columbia sales taxes and transportation taxes. The Contractor , however, is not exempt from
such sales and use taxes and may be liable for the same.
G. Invoices for final payment shall be clearly marked as “FINAL” and submitted when all work
requirements have been completed and no further charges are to be incurred under the Contract . In no event shall any invoice be submitted later than 60 calendar days from the
Contract termination date.
3.2.2 For the purposes of the Contract an amount will not be deemed due and payable if :
1) The amount invoiced is inconsistent with the Contract;
2) The proper invoice has not been received by the party or office specified in the Contract ;
3) The invoice or performance is in dispute or the Contractor has failed to otherwise
comply with the provisions of the Contract;
4) The item or services have not been accepted ;