CHFA 291-RFP For Insurance Broker/Broker of Record Download PDF

Dear Interested Party: Date: February 25, 2026
REQUEST FOR PROPOSALS FOR
INSURANCE BROKER/BROKER OF RECORD
The Connecticut Housing Finance Authority ("CHFA") requests written proposals from qualified
licensed firms for an insurance broker/broker of record. CHFA will not reimburse for any
expenses incurred in connection with this Request for Proposals ("RFP") including, but not
limited to, the cost of preparing the initial response and any additional information requested or
travel expenses relating to any oral presentation. Please be advised that all responses will be
considered property of CHFA, are matters of public record, and may be disclosed by CHFA after
the awarding of a contract.
OVERVIEW
CHFA, a body politic and corporate constituting a public instrumentality and political
subdivision of the State of Connecticut, was created in 1969 and operates pursuant to Chapter
134 of the Connecticut General Statutes, as amended. CHFA's purpose is to help alleviate the
shortage of affordable housing for low-income and moderate-income families and persons in
Connecticut by providing single family mortgages, financing for rental housing, and mortgages
for the purchase, development and construction of housing.
For additional information about CHFA, please reference CHFA's website at www.chfa.org.
SCOPE OF SERVICES
CHFA is seeking the services of a licensed insurance broker to assist CHFA with its insurance
needs. The selected firm will act as CHFA's broker of record to obtain and review insurance
policy bids and determine which best meet CHFA's needs. The term of the contract will be for
up to three years. The selected firm must have the capacity to provide the following services:
1. Review CHFA's risks and recommend policies, limits, and deductibles as appropriate to
best position CHFA;
2. Proactively assist CHFA in identifying potential risks and recommend best practices;
3. Assist CHFA in the oversight of loss control activities and assist in the implementation of
loss control recommendations;
4. Annually market and obtain proper and cost-effective insurance policies including, but
not limited to the following types of insurance:
* Package

* Automobile
* Crime
* Umbrella
* Public Officials
* Hazard Insurance for CHFA Real Estate Owned portfolio
* Forced Place Insurance for single-family loans serviced by CHFA
* Mortgage Impairment
* Cyber Insurance
CHFA's current schedule of insurance is attached as Attachment 1
5. Upon annual renewal, provide summary of both the marketing of the insurance and
coverage;
6. Upon request, provide timely, written interpretation of coverage;
7. Audit all of CHFA's existing insurance policies and endorsements, perform detailed
analysis and comparison of all policies and endorsements, process all changes and
endorsements and verify accuracy of invoices;
8. Assist CHFA in monitoring, analyzing, and processing all insurance claims and activities
upon notice from CHFA;
9. Represent CHFA in all interactions with insurance carriers, including the settlement of
disputes with carriers;
10. Conduct loss runs of claim activity on each of the policies no less than biannually and
recommend risk management practices based on experiences;
11. Review bonds, certificates of insurance and liability waivers on behalf of CHFA, and
work with select CHFA personnel as appropriate; and
12. Provide timely advice on various insurance issues that may arise from time to time.
Binders and Policies
Binders evidencing coverage must be issued by the successful proposer for all policies at least 10
days prior to the inception date and maintained in effect until such time as the policies are issued
and in possession of CHFA. Policies must be delivered to CHFA no later than 120 days from
inception.
Renewals
CHFA requires that all renewal proposals be furnished approximately 30 days prior to expiration
or anniversary and indicate any changes in coverage as well as costs. It is the responsibility of
the successful proposer to obtain all information necessary to meet this requirement.
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Proposed Timetable for Marketing Policies:
Market policies beginning of September
Deadline for questions and requests for information beginning of October
Proposals due to CHFA/Broker beginning of November
Successful proposer/bind policies mid December
Policies effective January 1
Prior to the placement of insurance, the selected firm shall disclose any fees, commissions,
contingent commissions, or compensation that results from placing insurance coverage on behalf
of CHFA.
EVALUATION CRITERIA
Firms will be evaluated on the basis of their written responses to this RFP, additional information
as requested by CHFA and, if applicable, oral interviews, if any, including but not limited to the
following criteria:
* Experience of the firm
* Qualifications of personnel
* Organization and approach
* Fees
* Commitment to Affirmative Action
* Conflicts or potential conflicts
CHFA may select multiple firms for the services described herein. No selected firm is
guaranteed or ensured any number of contracts or proportion of business.
REQUESTED INFORMATION
All firms must address the following issues and questions:
1. Provide a brief description of your firm, its history, and main areas of business. Indicate
the total number of staff and the team available to CHFA.
2. Provide a summary of the key strengths and qualifications of your firm to serve as
CHFA's Broker of Record. Firms must have experience with and demonstrate a working
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knowledge of the risks associated with public sector entities as well as lending
institutions. (Your response to this question should not exceed one page).
3. Describe the steps your firm would take in reviewing CHFA's current insurance program
and how your firm would keep CHFA informed of current developments in the risk
management area.
4. List the markets your firm would seek proposals from for each line of coverage used by
CHFA.
5. List all carriers with which your firm has a contingent commission relationship.
6. Provide copies of any State of Connecticut broker's licenses for any professionals who
will be available to CHFA.
7. Describe your presence in Connecticut, if any, including corporate existence in
Connecticut, whether formed in Connecticut or authorized to do business in the state.
This may include, but not be limited to, information on the number of offices your firm
maintains in Connecticut, the location of such offices, the number of Connecticut
residents employed in those offices, and payroll and corporate taxes paid in Connecticut.
If your firm currently is not registered with the Connecticut Secretary of State, please
indicate whether your firm will register if your firm is awarded this contract.
8. Include any participation by your firm in any civic or other non-profit activities,
including any charitable contributions that your firm made in Connecticut.
9. Provide a brief summary of the professional background of any individuals who would be
assigned to work with CHFA. Please indicate their probable areas of responsibility and
the percentage of their time which would be available to service CHFA's account.
10. Please provide a yearly flat fee for all services.
11. Provide, in tabular form, information on the employee composition of your firm
indicating the total number of employees and the total number and percentages of
minorities and women employed and their titles.
12. Submit specific information regarding your firm's commitment to Affirmative Action.
Please include, at a minimum, formal internal hiring practices and discussion of working
relationships with women and minority owned companies. Please include your firm's
most recent Equal Employment Opportunity Commission report, if required to file.
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13. Describe any and all material lawsuits, legal or administrative proceedings or
governmental investigations, criminal actions or law enforcement activities (including
those by federal, state or local authorities, or self-regulatory organizations) or non-routine
inquiries or investigations relating to you, your firm, or any of your affiliates, including
any proceedings to which you, your firm, your affiliates or any of their respective
officers, directors or employees are a named party or of which any of such has been the
focus, that have occurred in the last three (3) years or that are currently threatened,
including whether you, your firm, or any of your affiliates, or their respective officers,
directors or employees have been censured by any regulatory body. Describe any such
circumstances. Advise whether these investigations or proceedings will affect you or your
firm's ability to complete the proposed transaction and perform the services in this RFP.
14. Describe whether you foresee any potential conflicts of interest arising from providing
brokerage/consulting services for CHFA. If so, describe how your firm would address
potential conflicts of interest.
15. Has your firm ever been removed from an account prior to the expiration of its contract
(i.e., been fired)? If so, please explain. If you wish, list the name of a third party with
whom CHFA could discuss this termination.
16. Describe your firm's knowledge of and experience with CHFA.
17. Please provide as references a minimum of three clients for whom your firm has provided
similar and substantial services. Please include the name of the person to contact, his or
her phone number and email address. Please include as references any other State of
Connecticut agencies or departments that have engaged your firm to perform services.
18. Selected persons or firms must comply with CHFA and State Ethics requirements, laws
and regulations. Persons or firms seeking to do business with CHFA are required to
comply with the ethics statement, attached hereto on Exhibit C, and the applicable
provisions of the Code of Ethics and Code of Ethics for Lobbyists incorporated therein by
reference.
19. An authorized signatory of any firm submitting qualifications or proposals is required to
execute and submit with the proposals, qualifications and with any agreement or contract
awarded in accordance herewith all applicable representations and certifications set forth
on Exhibit A, attached hereto and made a part hereof, regarding:
* Gift and Campaign Contributions; Connecticut General Statutes 4-252
* Entities Making Investments in Iran; Connecticut General Statutes 4-252a
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* Nondiscrimination; Connecticut General Statutes 4a-60 & Connecticut General
Statutes 4a-60a
* Consulting Agreements; Connecticut General Statutes 4a-81
* Campaign Financing Contributions; Connecticut General Statutes 9-612
All of the above are attached hereto in full and incorporated herein on Exhibit C.
20. What is the most important question that we haven't asked you? Why should CHFA hire
your firm instead of another firm?
FREEDOM OF INFORMATION ACT
Please be advised that all information submitted in a proposal or in response to a request
for additional information is subject to disclosure under the Connecticut Freedom of Information
Act, as amended and judicially interpreted. If a firm believes that its response contains financial,
trade secrets or other data that it claims should not be public ("Confidential Information"), the
firm must identify specifically the pages and portions of its proposal or additional information
that contain the claimed Confidential Information by visibly marking all such pages and portions.
An entire response marked Confidential Information will not be accepted. If CHFA receives a
request for an applicant's Confidential Information, it will use its best efforts to notify the firm of
such request and provide the applicant with a copy of any written disclosure request, provided,
CHFA will not be liable to the firm or any other party for any failure to act as described herein.
The firm may provide written consent to the disclosure or may object to the disclosure by
notifying CHFA in writing, identifying in the notice the basis for its objection, including the
appropriate statutory exemption(s) from disclosure. The firm shall be responsible for defending
any complaint brought in connection with the nondisclosure, including, but not limited to,
appearing before the Freedom of Information Commission, providing witnesses and documents
as appropriate, and for payment of CHFA's costs and expenses, including attorney fees.
SUBMISSION OF RESPONSES
The following requirements must be observed in the preparation and submission of a proposal:
1. All inquiries should be directed to Shelly Mondo at RFP.RFQ@chfa.org no later than
Monday, March 9, 2026. Firms submitting a proposal should not contact members of
CHFA's Board of Directors or CHFA staff, which may be grounds for elimination from
consideration.
2. The entire proposal must not exceed 20 single-sided pages, exclusive of cover letter and
exhibits.
3. Submissions must be sent electronically (not to exceed 25 MB) to RFP.RFQ@chfa.org
no later than 4:00 p.m. on Friday, March 27, 2026. Faxed responses will not be
considered.
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4. Responses must include a cover letter signed by an individual authorized to enter into an
agreement with CHFA on behalf of the firm which shall specify that the firm is
responding to the RFP for insurance consultant/broker. Please also remember to include
completed Exhibit A (Representations and Certifications) and Exhibit B (OPM
Form 1 and SEEC Form 10).
5. Selected firms must comply with all state and federal laws applicable to CHFA including,
but not limited to, ethics requirements, laws, procedures, and regulations and must
execute CHFA statutory provisions, certifications and affidavits attached hereto.
CHFA reserves the right to:
a. Reject any and all proposals received in response to this request;
b. Modify the proposed Scope of Services at its discretion;
c. Negotiate the fees contained in any proposal;
d. Waive or modify any irregularities in proposals received;
e. Award contracts in any manner necessary to serve the best interest of CHFA and
the State of Connecticut, without obligation to accept a proposal based upon the
lowest fee schedule; and
f. Request additional information as determined necessary or request some or all
firms responding to make oral presentations.
Each approved firm will execute a contract satisfactory to CHFA and will agree that it will
comply with the provisions of Connecticut General Statutes applicable to contracts with CHFA
including, but not limited to, nondiscrimination and affirmative action provisions. Selected firm
will also be required to provide evidence of the firm's professional liability insurance in the
amounts listed on Exhibit C. Failure to comply with the requirements of this RFP may result in
CHFA's rejection of a proposal.
Thank you for your interest in the Connecticut Housing Finance Authority.
The Connecticut Housing Finance Authority is
an Affirmative Action/Equal Opportunity Employer.
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Attachment 1
SCHEDULE OF CURRENT INSURANCE
Connecticut Housing Finance Authority
999 West Street
Rocky Hill, CT 06067
January 1, 2026
COVERAGE LIMITS TERM EXPIRES CARRIER PREMIUM
Package Policy 1 01/01/27 Chubb $13,585
Commerical General Liability:
General Aggregate 2,000,000
Products-Completed Operations Agg 2,000,000
Personal Injury & Advertising Injury 1,000,000
Each Occurrence 1,000,000
Damage to Premises Rented to You 300,000
Medical Expense 10,000
Property: 1 01/01/27 Chubb Included
Scheduled Premises: in Pkg
Loc #1: 999 West Street, Rocky Hill CT
Loc #2: 1485 Palisado Ave, Windsor CT
Blanket Building and Contents Limit 10,074,259
Business Income & Extra Expense 6,123,600
Automobile 1 01/01/27 Chubb $7,262
Limit of Liability 1,000,000
Medical Payments 5,000
Uninsured Motorists (CSL) 1,000,000
Underinsured Motorists (CSL) 1,000,000
Physical Damage Deductible (Comp & 1,000
Coll)
Scheduled Vehicle:
2018 Ford Escape,
1FMCU0F7XJUA14497
Umbrella Coverage 1 01/01/27 Chubb $23,650
Each Occurrence 20,000,000
General Aggregate 20,000,000
Underlying Coverages:
General Liability, Auto Liability,
Employee Benefits Liability, HNOA

Schedule of Insurance - Connecticut Housing Finance Authority, cont.
COVERAGE LIMITS TERM EXPIRES CARRIER PREMIUM
Crime 1 01/01/27 Great $21,462
Employee Dishonesty 11,500,000 American
Forgery or Alteration 650,000
Computer Hacking 500,000
Funds Transfer Fraud 500,000
Faithful Performance 1,000,000
Deductibles
Employee Dishonesty 100,000
Forgery or Alteration 50,000
Computer Hacking 50,000
Funds Transfer Fraud 50,000
Faithful Performance 100,000
Public Officials - Primary Layer 1 01/01/27 Chubb $106,500
Each Occurrence 5,000,000
Aggregate Limit 5,000,000
Public Officials - Excess Layer 1 01/01/27 PGU $48,703
Each Occurrence 6,000,000
Aggregate Limit 6,000,000
Cyber - USI PrivaSafe Program 1 01/01/27 Great $52,150
Policy Aggregate 4,000,000 American
Business Interruption & Extra Expense 4,000,000
Network Extortion 4,000,000
Digital Data Recovery 4,000,000
Third Party Liability & Regulatory 4,000,000
Retention 50,000
Forced Placement - GL & Property 3 01/01/27 Lloyds London As Reported
Property Per Location 5,000,000
Flood 2,500,000
Earthquake 2,500,000
General Liability - Per Occurrence 1,000,000
General Liability - Aggregate Limit 2,000,000
Forced Flood 3 01/01/27 Lloyds London As Reported
Residential Dwellings (1-4 Units) 250,000
Other Residential Buildings 500,000
Commercial Properties 500,000
Personal Property (Residential) 100,000
Personal Property (Business) 500,000

Schedule of Insurance - Connecticut Housing Finance Authority, cont.
COVERAGE LIMITS TERM EXPIRES CARRIER PREMIUM
Mortgagee Impairment 3 01/01/28 Lloyds London $85,497
Direct Physical Loss or Damage from 5,000,000
Required Perils - Any one loss
Procuring or Maintaing Mortgagor's 5,000,000
Insurance Policies Coverage
Failure to Pay Real Estate Mortgage 5,000,000
Interest Tax Coverage
Real Estate Tax Coverage 250,000
Flood Act Coverage - One Certificate Yr 1,000,000
Direct Physical Loss or Damage from 5,000,000
Balance Perils Coverage