Tender Title: Assets Insurance Service - Contractors All Risk (CAR), Terrorism Insurance, Fire Insurance; Property Damage Cover

Tender Reference Number: GEM/2025/B/6127282

Issuing Authority: Ministry of Power, Hydro Power Department

The Assets Insurance Service tender focuses on securing comprehensive insurance solutions. The scope of work encompasses the provision of several types of insurance coverage including Contractors All Risk (CAR), Terrorism Insurance, Fire Insurance, and various property damage covers like Standard Fire & Special Perils Cover, Storm, Typhoon, Hurricane, Tornado, Flood, and Inundation (STFI) Cover, as well as Earthquake Covers. The goal of this tender is to ensure that stakeholders in the hydro power sector have adequate financial protection against potential risks associated with construction processes and natural calamities.

Scope of Work and Objectives

The successful bidder will deliver an all-encompassing Assets Insurance Service designed to protect against potential liabilities arising from both operational and environmental risks. This includes mitigating financial losses due to unforeseen incidents like natural disasters and acts of terrorism, facilitating business continuity for project activities.

Eligibility Criteria

Eligible bidders must be registered entities with a valid insurance license, possessing adequate experience in providing risk management services and insurance products specifically tailored for industrial projects. Proof of financial stability, including recent financial statements, is required to confirm the ability to underwrite significant exposure.

Technical Requirements

Bidders are expected to submit comprehensive technical documentation outlining their proposed insurance policies and coverage limits, strategies for risk assessment, and methodologies for client servicing and claims settlement. Familiarity with environmental regulations and compliance mandates is crucial.

Financial Requirements

Bidders should provide a detailed financial proposal that outlines premium structures, payment terms, and potential discounts for comprehensive policy bundles. It is essential that the financial documents demonstrate competitive pricing while ensuring robust coverage.

Document Submission Details

All proposals must be submitted electronically through the relevant procurement platform by the stated deadline. Documents should be formatted as PDF files, including all mandatory certificates and licenses stipulated in the tender documentation.

Special Provisions

This tender aims to encourage participation from Micro, Small, and Medium Enterprises (MSEs) and startups by allowing certain benefits in the bidding process. Special incentives may include relaxed eligibility criteria and additional scoring in the evaluation process to enhance competitive equity.

Evaluation Process

Bids will be evaluated based on a combination of technical proficiency and financial proposals. The committee will assess the qualifications of the bidding parties, ensuring that selected bidders meet all outlined requirements and demonstrate value-driven pricing strategies.

Delivery Locations

Insurance services will cover projects across various locations managed by the Hydro Power Department. Specific project sites will be outlined at the beginning of the insurance term based on the applicable construction projects active at that time.

Contact Information

For inquiries related to the tender, bidders may reach out to the Ministry of Power, Hydro Power Department. Please check the procurement platform for updated contact details.

Additional Information

Successful bidders will be advised on key timelines for policy initiation and claims processing guidelines throughout the contract duration. All participants are encouraged to review the available guidelines and standards to maximize their submission efficacy.