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INVITATION FOR PROPOSALS 'CO UNDERWRITE <br />VARIOUS INSURABLE RISKS OF THE CITY <br />OF r ONO, MINNESO'1'A <br />(hereina referred to as the City) <br />:. Qualifications and Requirements of Proposers <br />A. Insurers <br />1. Shall have current Best's i olicyhold(_•'c Rating of ;, or A+. <br />2. Shall comply as to admissiblity, size, resources, capacity, and <br />facilities with all requirements of the general laws and duly <br />consitutued authorities of the State of Minnesota. <br />3. Non -stock policies shall either be non -assessable and certified by <br />the proposer to comply with any state requirements for non- <br />assessabi 1 ity; or, if assessable, a policy from an approved insurer <br />which insures the full amount of contingent assessability of the <br />City will be considered. <br />B. Agents <br />1. Shall be qualified and licensed as an insurance agent under the <br />requirements of the general laws of the State of Minnesota. Any <br />person submitting a proposal through an insurer which he does nct <br />represent as agent under a written agency contract or employment <br />agreement shall so indicate iii his proposal. <br />2. If successful, "independent agents" who are not employees or <br />exclusive representatives of the insurer (s) they represent, sh. 1 1 <br />furnish a certificate of Errors and Omissions Insurance with a <br />minimum limit of $1,000,000.00 or furnish other written evidence of <br />their ability to reimburse theCit} for any monetary loss incurred by <br />the City due to negligent error or ommission on the part of the agent, <br />or any employees or subagents thereof, in providing or purporting to <br />provide such insurance coverages as the City may from time to time <br />request either specifically or by implication. <br />C. General <br />1. Proposers shall furnish a certified check or bond in the amount of 5% <br />of total annual proposed premiums or $250, whiever is greater, <br />guaranteeing that a pol icy or pol icies complying with the terms ref <br />the proposals is to cost and coverage shall be delivered when <br />requested, and that the rates charges for said policy or policies <br />shall be based upon factors both as to type and units identical to <br />those provided by these specifications. The successful proposer's <br />check shall be returned after delivery of policies which mf.et the <br />aforemen-ioned quarantei:. Unsuccessful binders chucks will be <br />returned as soon as a decision is n.jd( <br />