3.12.170 Insurance and official bonds.
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The purchase of insurance or official bonds may be made by direct negotiation without soliciting bids and the Board shall award purchases based upon the following:
(1) Cost;
(2) Company rating by A.M. Best, Standard and Poor, Moody and/or such other rating service recognized and relied upon in the insurance industry;
(3) Loss control services;
(4) Claims administration;
(5) Any other factors that a prudent person would consider when acquiring insurance or faithful performance bonds.
Records of all proposals, communications, and investigations leading to the award shall be retained.