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RFQ shall mean Request for Quotation 2. A request for quote (RFQ) is a solicitation for goods or services in which a company invites vendors to submit price quotes and bid on the job. In Insurance industry, Request For Quote (RFQ) is an easy process where you create a RFQ detailing the services it needs, sending it to appropriate insurance. broker/agent to represent your entity in the insurance marketplace. RFQ: General Liability Insurance Brokerage Services. Insurance requirements, if applicable, are also attached hereto as part of this document.