22-24 Agreement.pdf

22-24 SERVICES AGREEMENT BETWEEN ALLIED RISK MANAGEMENT SERVICES AND THE TOWNSHIP OF WEST ORANGE INSURANCE FUND COMMISSION This service agreement is between the West Orange Insurance Fund Commission (“WOIFC”) and KAI Strategic Insurance Partners, LLC, d/b/a Allied Risk Management Services (“ARMS”) 492 Franklin Avenue, Nutley, New Jersey 07110. SECTION ONE: SCOPE OF SERVICES For the period January 1, 2024 to December 31, 2024, ARMS hereby agrees to serve as a consultant to the WOIFC. The scope of services provided by ARMS is as follows:  Assist the Township of West Orange in identifying its insurable Property & Casualty exposures and to recommend professional methods to reduce, assume or transfer the risk or loss.  Assist Township of West Orange in understanding the various insurance policies and coverage currently in place.  Determine if current coverage is adequate or excessive.  Create a spreadsheet of all current policies with limits, premiums, renewal dates and other pertinent information, the purpose of which is to keep the Township informed of coverage and renewal dates.  Advise the Township’s insurance brokers of expected dates of renewal proposals. This will improve the Township’s ability to analyze proposals with ample time prior to renewal.  Review Certificates of Insurance from contractors, vendors and professionals when requested by the Township.  Assist the Township in the preparation of its annual insurance budget.  Review in-house procedures for claims reporting and review claims on a quarterly basis to determine trends and problem areas.  At the request of the Township, attend any Insurance Fund meetings. SECTION TWO: COMPENSATION The WOIFC agrees to pay the ARMS the sum of $24,000 for the twelve-month contractual period for the services listed in Section 1. Payments will be made in equal quarterly installments in the amount of $6,000 on or about April 1, 2024, July 1, 2024, October 1, 2024 and December 31, 2024. Payment is based on the availability of funds for the covered period. SECTION THREE: BILLING PROCEDURES ARMS shall submit the proper vouchers or invoices to the WOIFC in accordance with applicable law and regulations. Failure to submit invoices within 30 days of the conclusion of a quarter shall void the payment to ARMS for that quarter.