Department of Financial Services Tenders (GEM/2025/B/6144226)
Assets Insurance Service - Fire Insurance, Electronic Equipment Insurance; Standard Fire & Special
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Tender Title: Assets Insurance Service
Tender Reference Number: GEM/2025/B/6144226
Issuing Authority/Department: Department of Financial Services, Ministry of Finance
The Assets Insurance Service tender aims to secure comprehensive insurance coverage for various assets, addressing a range of risks through multiple coverage options. This tender invites bids from qualified insurance providers for robust insurance policies encompassing Fire Insurance and Electronic Equipment Insurance. As part of the tender scope, potential bidders must present policies that include Standard Fire & Special Perils Cover, along with specific endorsement for Storm, Typhoon, Hurricane, Tornado, Flood and Inundation (STFI) Cover, alongside Earthquake Cover.
Scope of Work and Objectives
The primary objective of this tender is to ensure that the government’s assets are adequately protected against an array of natural disasters and specific perils outlined above. The awarded insurance provider will need to offer coverage that meets industry standards and provides continuity of service for the specified periods. Detailed evaluations of existing assets and risks will be integral to the development of the tailored insurance solutions.
Eligibility Criteria
To be eligible for participation in this tender, bidders must fulfill the following criteria:
- Be a registered insurance provider in compliance with local regulations.
- Possess a minimum level of professional liability insurance coverage.
- Demonstrate prior experience in providing insurance services specifically relating to assets insurance.
- Have the capacity to demonstrate financial stability and capability.
Technical Requirements
Bidders are required to deliver comprehensive compliance documentation that illustrates adherence to technical standards pertinent to the insurance sector. This encompasses documentation on policy offerings, risk assessment methodologies, and evidence of prior successful claims management strategies.
Financial Requirements
All bidders must submit financial documents, including:
- Audited financial statements for the past three years.
- A statement detailing premium payment terms and conditions.
- Evidence of any exclusions listed in the policy terms.
Document Submission Details
Interested parties should submit their bids electronically through the designated tender submission portal. All necessary documents must be formatted as PDF files and uploaded before the stipulated deadline. The submission should also include a cover letter highlighting the bidder's experience and capability to manage the requested insurance services.
Special Provisions
The tender includes provisions for Micro, Small, and Medium Enterprises (MSMEs) and Startups, which may receive preferential evaluation treatment to promote inclusivity and support local businesses. Bidders are encouraged to assess qualifying criteria under MSME status and provide relevant certifications.
Evaluation Process
Proposals will be assessed based on a multi-stage evaluation process which includes:
- Technical evaluation to assess compliance with the specifications and requirements.
- Financial evaluation to compare offer premiums and terms.
- Overall capability assessment based on previous experience, customer satisfaction, and financial stability.
Delivery Locations
Insurance services are to be provided nationwide, covering various locations as defined within each policy agreement. Bidders must demonstrate regional service capacity.
Contact Information
For additional inquiries regarding this tender, interested bidders may refer to the official communication channels provided by the Department of Financial Services. Ensure clarity and completeness in all communications to facilitate effective responses.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
4 DocumentsDocuments Required from Seller
- Experience Criteria *In case any bidder is seeking exemption from Experience / Turnover Criteria
- the supporting documents to prove his eligibility for exemption must be uploaded for evaluation by the buyer
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Frequently Asked Questions
The eligibility requirements include being a registered insurance provider with compliance to local regulations, showcasing past experience specifically in managing assets insurance, and maintaining professional liability insurance coverage.
Bidders must provide certificates demonstrating active registration as an insurance service provider, along with proof of financial stability. These include a valid business license, tax clearance certificates, and other relevant documentation linked to the insurance field.
To register for the tender submission, bidders must visit the official tender portal and complete the online registration process. All required documentation must be prepared in electronic format, primarily PDF, to ensure smooth upload and compliance with submission requirements.
The technical specifications expected from participating bidders include a detailed outline of the insurance coverage proposed, risk assessment methodologies, claims management practices, and previous experience in managing similar contracts effectively.
The submission methods require bidders to utilize the designated online portal for electronic submissions. It is imperative to adhere to the format requirements and ensure all documents are uploaded prior to the specified deadline for successful bid consideration.
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