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competitive bidding

Competitive bidding involves an insured requesting coverage and premium quotations on its insurance program from a number of agents/brokers.

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In some instances, insureds provide agents/brokers with detailed specifications upon which to base their quotations. Under other circumstances, conceptual proposals are requested under which the agents/brokers present proposals for coverage reflecting their own ideas for structuring the insured's program.

Related Terms

An insurance requirements clause is the part of a commercial contract in which the types and...