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FanwoodRed Risk

ClosedProfessional Services

General 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 is soliciting proposals from qualified brokers to provide dental and life insurance brokerage services for its employees. Key responsibilities include 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. Proposals are due by November 5, 2025, at 12:00 PM. Submissions must include one unbound original and one electronic copy on a flash drive, submitted in a sealed envelope clearly marked with the RFP title.

Detailed Risk Breakdown

local preference

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performance bond

Evidence Detected

1 CLAUSES FOUND

"...he 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. 7. Governing Law, State and Funding: This contract shall be governed by and construed i..."

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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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