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FanwoodRed Risk

ClosedProfessional Services

Dental Life Insurance Broker

BID #: N/A

ISSUED: 10/16/2025

DUE: 11/5/2025

VALUE: TBD

Rating

Risk Rank

Red Risk

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Executive Summary

The Borough of Fanwood, NJ, is seeking proposals from qualified brokers to provide dental and life insurance brokerage services for its employees. The selected broker will be responsible for plan design and strategic consulting, market analysis and carrier negotiation, renewal management, employee support and education, claims and utilization review, regulatory compliance, and account management and reporting. Key requirements include being a licensed insurance producer in New Jersey and demonstrating experience in managing public sector benefit plans. Proposals are due by November 5, 2025, at 12:00 pm and must be submitted in sealed envelopes to the Borough Clerk.

Detailed Risk Breakdown

local preference

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performance bond

Evidence Detected

1 CLAUSES FOUND

"...In this event, the successful bidder shall in a timely manner notify the Borough of the identity of the new owner(s), and the new owners may be required to submit a performance bond in the amount of one year of then current Lease payments...."

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liquidated damages

Evidence Detected

1 CLAUSES FOUND

"...Should the successful bidder fail to execute and deliver the Contract, as defined in Section 7, within one hundred eighty (180) days after bid award, the bidder forfeits to the Borough, as liquidated damages, the bid security deposited with its bid...."

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