Excess Insurance Purchasing Policy

Originally Adopted by MVRMA Board: August 19, 1991

Purpose

This policy has been established in order to clarify the Association's desire to establish long-term relationships with excess insurance carriers and the brokers and intermediaries which may, from time to time, provide the Association with access to the excess insurance markets.

Policy Statement

It is the policy of the Miami Valley Risk Management Association to consider the purchase of excess insurance products on an annual basis as part of the Association's budget process.

However, in the interest of establishing greater stability with brokers and excess carriers alike, it is the policy of the Miami Valley Risk Management Association to solicit competitive insurance and/or comprehensive brokering service proposals not more than every two (2) years and not less than every three (3) years. Nothing in this policy shall preclude the Association from seeking competitive bids more or less often, when the MVRMA Board determines that MVRMA's existing excess insurance costs/brokering service costs have become uncompetitive or that it would otherwise be in the Association's best interests to consider other brokering/excess insurance alternatives.