Department of Financial Services Tender by Uco Bank (58d1840b)

Tender Title: Assets Insurance Service for Electronic Equipment

Reference Number: 58d1840b
Issuing Authority: Ministry of Finance, Department of Financial Services

Scope of Work and Objectives

The purpose of this tender is to solicit bids for the provision of Assets Insurance Services specifically designed for Electronic Equipment. The aim is to secure comprehensive insurance coverage that encompasses various risks, including but not limited to, Fire Insurance, All Risk Policies, and damage related to Burglary and Directors and Officers Liability. The successful bidder will be responsible for providing and managing the insurance services that minimize financial loss from unforeseen events affecting electronic assets.

Eligibility Criteria

To be eligible for this tender, bidders must demonstrate their capacity to provide extensive insurance solutions with proven experience in the field. Required qualifications include being a registered insurance provider and compliance with local regulations governing insurance services. Furthermore, bidders are expected to provide evidence of similar past projects and endorsements from existing clients.

Technical Requirements

Bidders must present detailed technical specifications that highlight their insurance coverage packages, including policy terms, premium structures, and claim processes. The submission should clearly define the quality standards adhered to by the insurance services offered as well as illustrative documentation of coverage limits and exclusions.

Financial Requirements

Potential bidders are required to submit detailed financial statements that reflect their capability to meet the obligations inherent in an insurance contract. This includes providing evidence of appropriate reserves cover as per statutory requirements and a competing rate structure that meets the market standards while ensuring adequate coverage.

Document Submission Details

All required documents must be submitted digitally through designated channels outlined by the Ministry of Finance. Each submission should be properly formatted and clearly labeled. Bidders should ensure they meet the submission methods and format requirements to avoid disqualification.

Special Provisions

This tender encourages participation from Micro, Small, and Medium Enterprises (MSEs), offering incentives for them to compete alongside larger firms. Additionally, startups looking to enter the insurance sector may benefit from specific provisions aimed at nurturing new entrants to the market. Compliance with the Make in India initiative is also expected, advocating for local content and procurement whenever applicable.

Evaluation Process

Bids will be evaluated based on pre-defined criteria, including compliance with eligibility prerequisites, financial viability, and the robustness of the proposed insurance coverage. Additional emphasis will be placed on the bidder's commitment to quality service delivery and customer satisfaction metrics.

Delivery Locations

Insurance coverage procured under this tender will be applicable to various locations as identified by the Ministry of Finance across diverse sectors that deploy electronic equipment needing protection.

Contact Information

For any queries regarding this tender, bidders may refer to the contact section on the official government tender portal where official communication details are provided.