What does Competitive Bidding mean? Read on to discover the definition & meaning of the term Competitive Bidding - to help you better understand the language used in insurance policies.
A situation in which an insured requests premium quotations on its insurance program from a number of agents/brokers. In some instances, insureds provide agents/brokers with detailed specifications upon which to base their quotations. Under other circumstances, the agents/brokers present proposals for coverage reflecting their own ideas for structuring the insured's program.
We hope the you have a better understanding of the meaning of Competitive Bidding.