Tender Title: Assets Insurance Service - All Risk Policy

Issuing Authority

The issuing authority for this tender is the Hydro Power department under the Ministry of Power.

Scope of Work and Objectives

The primary objective of this tender is to procure Assets Insurance Services encompassing an All Risk Policy. This includes coverage for property damage, standard fire and special perils, and other essential aspects such as storm, typhoon, hurricane, tornado, flood, inundation (STFI), business interruption (loss of profit), and machinery breakdown (MBD) coverage. The selected insurer will provide comprehensive protection against various risks associated with hydro power assets. The tender aims to ensure the safeguarding of valuable infrastructure and minimize the financial impact of unforeseen events affecting operations.

Eligibility Criteria

Bidders must meet specific eligibility criteria to participate in the tender. These include:

• Being a registered entity with valid certifications in insurance services.
• Proven experience in providing similar insurance covers in the past.
• Financial stability and capacity to underwrite large risks.
• Compliance with all regulatory requirements related to insurance services.

Technical Requirements

The bidders are required to demonstrate:

• A detailed proposal showcasing their ability to provide the specified insurance coverage.
• Evidence of compliance with industry-standard insurance underwriting practices.
• A detailed risk assessment and exposure evaluation related to hydro power assets.
• Adherence to applicable quality standards and regulations in insurance services.

Financial Requirements

Bidders should present:

• Competitive pricing models aligned with market rates.
• Evidence of the financial health, including relevant financial statements for the past three years.
• Proposals should include details on the payment terms and conditions associated with the policy coverage.

Document Submission Details

All documents must be submitted electronically via the established online tender submission platform. Bidders will need to ensure that all required documentation is complete and adheres to the specified formats provided in the tender guidelines.

Special Provisions

There will be special provisions for Micro, Small, and Medium Enterprises (MSEs) to encourage their participation in this tender. These provisions will ensure that MSEs benefit from enhanced opportunities within the insurance sector, promoting inclusivity and competition.

Evaluation Process

The evaluation process will be conducted based on the following criteria:

• Compliance with the eligibility and technical requirements.
• Pricing proposals and overall financial viability.
• Company reputation and past performance in similar contracts.
• The thoroughness of the risk assessment and coverage offered.

Delivery Locations

Insurance coverage will pertain to hydro power facilities and associated assets across various designated locations as specified by the authority. Bidders will need to identify and confirm their ability to cover all stated locations effectively.

Contact Information

For any inquiries regarding this tender, bidders may reach out using the contact information provided in the official tender documentation.

Conclusion

This tender is an exceptional opportunity for qualified insurance providers to offer comprehensive coverage solutions tailored to the specific needs of hydro power assets. Interested bidders are encouraged to prepare detailed proposals that align with the outlined scope and objectives to ensure a competitive and compliant submission.