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 1^st August 2019 to 1^st August 2020

Date: 25 June 2019

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 1^st August 2019 to 1^st 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 1^st 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.