ACTION ITEM

Approval of AssuredPartners Contractual Terms.

FACTS

AssuredPartners (formerly Neace Lukens) has provided insurance broker services to Kentucky State University for over twenty (20) years. Following a recent request for proposals for insurance broker services (RFP 22.006), the University's Purchasing Department determined that AssuredPartners had the most competitive bid and elected to retain the firm's services. The firm will assist in the service and placement of the following insurance:

  • Primary General Liability
  • Excess Liability
  • Commercial Auto
  • Workers' Compensation/Employers' Liability
  • Watercraft
  • Directors & Officers–Employment Practices–Educators’ Legal Liability
  • Excess Side A–D&O
  • Cyber Risk
  • Kidnap, Ransom & Extortion
  • Student Nurse Professional Liability
  • Athletics Accidents
  • International Casualty Package
  • Crime

BUDGETARY IMPLICATIONS

The contract's term will be from February 17, 2023, through February 17, 2026, and there are two (2) optional one-year renewals upon mutual agreement by KSU and AssuredPartners. The annual fee is $45,900, and the total amount for the three-year term is $137,700. The contract will be paid for using E&G funds.

RECOMMENDATION

Interim President Ronald A. Johnson recommends that the Board of Regents approve the AssuredPartners contractual terms.

MOTION

Approve the AssuredPartners contractual terms.

Finance and Administration