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KPC/KEDC Insurance Bids

KPC/KEDC Insurance Bids. Presented by: Melinda N Lewis, PICK Independent Insurance Consultant. Are Schools Required to bid?. Under Model Procurement Code: YES per OAG 82-170

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KPC/KEDC Insurance Bids

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  1. KPC/KEDC Insurance Bids Presented by: Melinda N Lewis, PICK Independent Insurance Consultant

  2. Are Schools Required to bid? • Under Model Procurement Code: YES per OAG 82-170 • “We must conclude the intent of the General Assembly was that under the Model Procurement Code such insurance contracts are to be subject to competitive sealed bidding” • KRS 424.260 • “We do not believe this section requires insurance to be competitively bid. The Court of Appeals has interpreted this provision to not include insurance. ... However, we believe competitive bidding should be seriously considered if the school district will benefit by such procurement procedure being exercised”

  3. Cost vs. Coverage • BEWARE! With the exit of KSBIT, there will be many companies vying for your business • Take Advantage of the KPC bid. BOE’s only have to fill out 1 application (or Bid Specs) to get multiple quotes. • Use the Bid Specs & Checklists to compare coverage • Don’t fall into the Trap of Cheaper Bids are Good Bids. • The Board will end up paying for it in the end. • Watch out for “Fly By Night Companies” • Check References • Additional Services Offered • How long have they been doing Business in KY

  4. Stay TRUE to the Bid Process • Agents & Companies spend a lot of time on getting these bids together. • All Agents get your information at the same time so they all have a fair shot at getting your quote. • Agent of Record Letters (AOR’s) • If you grant an AOR, or solicit external quotes, it demeans the Bid Process. • External Quotes • Please don’t Go through Bid Process if you are going to solicit External Quotes

  5. PICK Consulting Services Pre Bid • As required by Department of Insurance KEDC/KPC bid out consulting services. • My services provided by KEDC include: • To review and make changes to Bid Specifications. • Answer questions from Schools and Agents that KEDC doesn’t feel they have the knowledge to answer. • Oversee the Bid process as a whole.

  6. PICK Services Post Bid • If your district would like help analyzing your bid, this will need to be contracted separately. • Please engage the Services of Consultant (myself or someone else) if you have any questions. • An Independent Consultant can tell you the pros & cons of bids and negotiate with these companies on your behalf. • These can range from • Analyze All Required Coverages are included in Bid • Companies/Agents who have bid are reputable • Assure any special programs (or circumstances) are covered • Work with Individual Bidders to get the best possible policy, for the best cost.

  7. Q &A

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