Insurance Proposal Template

Prepared For:
Company Name: ABC
Insurance Company

Prepared By:

Company Name: XYZ
Business Nature: Construction Company
Number of employees: 65
Actual value of the property: Approximately $600,000
Period of insurance required: From 1st August 2019 to 1st August 2020

Date: 25 June 2019

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Executive Summary

We are in the process of selecting an insurer to provide insurance and risk management services to our construction company. XYZ is looking for the best and cost-effective insurance program. ABC insurance company should be able to successfully provide their services for the upcoming policy terms from 1st August 2019 to 1st August 2020. We are currently in need of insurance policies for the following:

  • Worker’s compensation
  • Errors and Omissions Liability policy
  • Property damages
  • Property crime
  • Commercial auto liability

Company Introduction

XYZ is one of the leading construction companies in the USA region. For almost 30 years, we have shaped the skylines of major cities of America, including XYZ Bridge, XYZ twin towers and XYZ theme park. We specialize in complex infrastructure projects. Our aim is to deliver fascinating projects with the highest quality while maintaining health and safety standards at its best. We strive for excellence and continuously utilize advanced technologies.

Overview

We want to ease our company’s administrative burden in managing our insurance program. We want advice on the sustainability of insurance markets and suggestions to reduce overall insurance cost, without reducing insurance coverage. We want ABC to evaluate, analyze and negotiate all renewals for this year and if our company is happy and satisfied with the services, we will consider renewing the contract. ABC should provide a follow-through for receipts of all policy documents and endorsements in a timely manner.

Also, ABC should manage certificates of insurance in a timely manner and should provide other insurances as requested by our company in the future.

Worker’s Compensation

In accordance with local labor law, ABC should be able to pay certain replacement benefits in case any of the employees suffer any kind of work-related illness or accident. The details of our employees are provided below:

Description of staff Estimated Number Estimated wages/Month
Management 10 $80,000
Technical 15 $70,000
Researchers 10 $70,000
Labor 30 $90,000

 

Errors and Omissions Liability policy

We would like your company to provide us Professional Liability Insurance that protects our company and employees against claims of inadequate or negligent work.

Property damages

ABC should provide coverage for the building structure and its contents, against damages caused by events such as earthquake, flood, riots, fire, water leakage and malicious damages. This should be covered in all of our office buildings situated in different locations. The details of the office location are provided below:

No. Address Year of construction No. of levels Materials used No. of employees  Value
1 Signal Hill, CA, United States

 

2005 1 Glass, Wood, Steel 15 $150,000
2 Sterlington, LA, United States

 

2010 2 Glass, Wood, Steel, Marble, Stone 25 $200,000
3 Mansfield, LA, United States

 

2017 2 Glass, Wood, Steel, Aluminum 25 $250,000

 

Property Crime

In case of destruction or damage to the property of XYZ, caused by theft, involving forceful and violent entry or exit from the building, the company should be liable for repair and replacement.

No. Property Particulars Value
1 Goods in trust $10,000
2 Fixtures $20,000
3 Cash in locker $30,000
4 Stocks-in-trade $30,000

Commercial Auto Liability

ABC must cover claims arising from accidents involving vehicles used by our company. The coverage must include bodily injury, medical payments, and collision. The purpose of the vehicles used is to do construction related work and carry equipment. These operate approximately 8 hours/ day. We own 17 vehicles. The drivers do not suffer from diabetes, heart condition or any type of physical disability.

 

No. Year of manufacture Items in number Registration number Present market value/Item Engine size Chassis no.
1 Bulldozers 6 45454334333 $70,000 607 kW 4343443
2 Cranes 4 34434354545 $300,000 607 kW 3434343
3 Dump trucks 4 34545454543 $20,000 607 kW 343434
4 Loaders 3 344343434 $50,000 607 kW 343433

 

Schedule

Provided below is the schedule of events that will take place:

Submission of Proposal

We have prepared this proposal for your company to provide us Insurance and all the details of our properties, assets, and employees are given. We would like you to go through the details thoroughly and provide us your proposal by the 1st of July 2019.

Evaluation of Proposal

ABC should prepare a proposal for us so we can evaluate the suggestions and services and check whether they are suitable and beneficial for us. After that, we can arrange a meeting to further look into the matter.

Acceptance and Approval

The next step would be the acceptance of the proposal provided by your company. Hopefully, we will reach a common ground. We look forward to working with your company.

Terms and Conditions

  • Our company will not be liable for any costs incurred by ABC in preparing the proposal or for any work performed prior to selection.
  • XYZ reserves the right to reject a received proposal and reserves the right to terminate it at any time for any reason and to withdraw from discussions.
  • XYZ agrees that the content of the proposal will be held in strict confidence and details of the response will not be discussed with any other parties. Only information subject to the Freedom of Information and Privacy Act may be disclosed.

Contact us

You can contact us with any of the following ways:

XYZ
Construction Company
Phone: 300-34334343
Email: [Email]

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Insurance proposal template

Format: MS Word (.docx) 2007/10
File Size: 67 KB

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