Tender Title: Assets Insurance Service - Fire Insurance, Floater Declaratory Basis

Reference Number: GEM/2025/B/6172767

Issuing Authority:

Food Civil Supplies and Consumer Protection Department Chhattisgarh

Scope of Work and Objectives:

The Assets Insurance Service tender aims to provide comprehensive insurance solutions covering fire insurance and special perils on a float declaratory basis. The insurance coverage will include Standard Fire & Special Peril Covers, as well as coverage for Storm, Typhoon, Hurricane, Tornado, and Flood and Inundation (STFI). Additionally, the tender includes Terrorism and RSMD (Risks of Storage Miscellaneous Damage) coverage as optional components. The overarching objective is to safeguard state assets against various risks, ensuring financial protection and operational continuity in adverse scenarios.

Eligibility Criteria:

To participate, bidders must be a registered entity qualified for insurance services. Key eligibility criteria include:

• Possession of necessary insurance licenses
• Previous experience in handling similar insurance services
• Valid registration with relevant authorities
• Adherence to regulatory compliance standards applicable to the insurance sector

Technical Requirements:

Bidders must fulfill specific technical requirements that include:

• Incorporation of advanced risk assessment methodologies
• Provision of a customer support framework adhering to best practices
• Documentation of claims handling procedures
• Implementation of requisite IT infrastructure to manage insurance processes efficiently

Financial Requirements:

Bidders should demonstrate sound financial stability, validated by financial statements from the past three years. Applicants are required to provide evidence of capability to manage large-scale insurance operations and to cover claims without delays.

Document Submission Details:

Bid submissions must be made electronically through the designated portal. Required documents include, but are not limited to:

• Bidder's technical proposal
• Financial proposal
• Evidence of eligibility criteria fulfillment
• Certifications and licenses

Special Provisions:

This tender provides benefits for Micro, Small, and Medium Enterprises (MSEs) and provisions that can support startups. This inclusion aims to foster market competition and encourage new entrants in the insurance sector.

Evaluation Process:

Bids will be evaluated based on technical competence and financial viability. The evaluation process includes:

1. Initial scrutiny of bid completeness
2. Detailed analysis of technical proposals
3. Financial assessment to determine cost-effectiveness
4. Shortlisting based on ratings from evaluated criteria

Delivery Locations:

The services provided under this tender will be applicable across various government asset locations within Chhattisgarh.

Contact Information:

While specific contact information is not available, bidders are encouraged to regularly check the tender portal for updates and further inquiries regarding the submission process and tender specifications.