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Approval of Contract with Aon Risk Services Southwest, Inc. for Insurance Broker Services
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Requesting approval to delegate signature authority to the Executive Director to enter into a contract with Aon Risk Services Southwest, Inc. (Aon) to provide insurance broker services.
If approved by the Board, an Agreement will be executed between the Water Authority and Aon to enable Aon to be our broker of record.
The Albuquerque Bernalillo County Water Utility Authority (Water Authority) issued the subject Request for Proposal (RFP) to solicit responses from qualified vendors to provide insurance broker of record services. The RFP was posted on the SICOMM website and advertised in the local newspapers. Responses were received and submitted for evaluation. The Ad Hoc Evaluation Committee reviewed, evaluated, and scored the responses in accordance with the evaluation criteria published in the RFP.
The committee recommended the award of a contract to Aon, as that company had the highest composite score.
FISCAL IMPACT:
The fiscal impact is expected to be $278,207 (including all taxes) for the total broker fee and $1,800,000 yearly for all insurance premiums paid by the broker.