Selecting an agent
Members are required to hire an insurance agent to obtain PACE coverage. The PACE program is accessed only through the expertise and guidance of an independent insurance agent. The member first designates their agent of record. Then that agent requests a quote for coverage from PACE based upon the district’s needs and the agent’s recommendations. PACE does not recommend agents but a list of current agents can be provided upon request.
An agent provides critical services and ensures exposures to claims and losses are properly managed through the entire insurance cycle.
Regardless of an entities budget or the complexity of their operations, everybody faces property, employee, board, and third party loss exposures. An insurance agent can help to identity and mitigate risk factors.
Considerations in the selection process
If you’re looking for an agent it pays to consider some key points. Is the agent:
- Knowledgeable about education insurance needs?
- Qualified to evaluate insurance options for you?
A good agent will evaluate insurance options with the following in mind:
- Ability of the program to pay claims covered by the policy;
- History and reputation for managing, defending and paying claims;
- Qualifications of the claims staff and legal counsel;
- The programs willingness to work with and listen to the entity regarding claims and lawsuits;
- Appropriateness of the proposed policy for depth of coverage, terms and conditions, price and deductible levels.
An insurance agent should, at a minimum, provide the following services:
- List and identify all real and substantial personal property with actual and replacement values.
- Review bond, crime, boiler and auxiliary exposures.
- Attend board and staff meetings as required.
- Analyze claims history.
- Review markets for best cost, benefit coverage options and recommend placement with a reputable and solvent organization.
- Compare real and substantial personal property to current coverages for gaps and under/over coverage.
- Advise on self-insured retentions, deductibles, coverage strategies and risk transfer.
- Review all coverage documents, explain the coverage provided, gaps in coverage and advise on alternate strategies.
- Review coverage documents, maintain copies and deliver a copy of all coverage documents to the entity.
- Submit claims to adjusters.
- Review and be familiar with all entity operations to identify potential loss exposures.
- Annually report on loss histories, risk management results and insurance schedules.
- Provide the district with certificates of coverage to satisfy contract requirements.
This sample services list has been created for districts to use in determining reasonable expectations of agent services relative to individual district needs. It is not intended to take the place of an insurance agent's professional judgment or a district's responsibilities in managing district risks of loss or application of Oregon laws.
An insurance agent should provide a written disclosure statement including:
- A description of the nature of the work to be performed by the insurance agent.
- The applicable occupational and educational background of the agent.
- The area or areas of insurance in which the agent has particular expertise.
- The fee schedule and any other expenses that the agent charges, and whether fees may be negotiated.
- A list of any actual or potential conflicts of interest that the agent may have.
- Whether the agent will receive any commission or obtain any other compensation for services provided to the client in addition to the fees and other expenses paid by the client.
The above samples of services indicate many, but not all, of a public entity's risk management issues. This document has been created for districts' and agents' use in determining a district's reasonable expectation of agent services relative to its needs and a reasonable charge for such services. It is not intended to take the place of a district's or agent's professional judgment, a district's responsibilities in managing risks of loss, or applicable Oregon laws.
Please contact the underwriting department at email@example.com or 800-285-5461 for further information.