POWER GRID Corporation OF INDIA Limited Tender by Power Grid Corporation Of India Limited (GEM/2025/B/6152077)
Assets Insurance Service - Fire Insurance; Standard Fire & Special Perils Cover, Storm, Typhoon, Hu
Tender Timeline
Tender Title:
Assets Insurance Service - Fire Insurance; Standard Fire & Special Perils Cover
Tender Reference Number: GEM/2025/B/6152077
Issuing Authority/Department:
POWER GRID Corporation of India Limited
Ministry of Power
Scope of Work and Objectives:
The primary objective of this tender is to acquire Assets Insurance Services that cover a wide range of risks associated with assets owned by the POWER GRID Corporation of India Limited. The services required include but are not limited to coverage for Fire Insurance, Standard Fire & Special Perils, and additional risks such as Storm, Typhoon, Hurricane, Tornado, Flood and Inundation (STFI) Cover, Terrorism Cover, Earthquake Cover, Theft/Burglary Cover, and Property Damage Cover.
Eligibility Criteria:
Eligibility to submit a bid is open to registered insurance providers with relevant experience in managing comprehensive insurance services. Bidders must provide proof of registration and must be compliant with the regulatory requirements for insurance services in India.
Technical Requirements:
Bidders will be expected to demonstrate a thorough understanding of the technical specifications required for this insurance service. This includes offering cover for specific perils as outlined in the tender and ensuring that all insurance policies comply with the latest legal and regulatory standards.
Financial Requirements:
Bidders must submit detailed financial documentation, including past financial performance, compliance with tax obligations, and a good standing certificate. A detailed breakdown of pricing for the complete insurance coverage must be provided to ensure clarity and transparency in the bid evaluation process.
Document Submission Details:
All bid documents should be duly filled and submitted electronically via the tender portal. Bidders are required to provide a complete set of bid documents, including the technical proposal, financial bid, and any supplementary information that supports the bid submission.
Special Provisions:
Provisions are in place to encourage participation from Micro, Small, and Medium Enterprises (MSEs) and Startups. Such entities may benefit from preferential consideration during the evaluation process as per government norms aimed at promoting small businesses.
Evaluation Process:
The evaluation of bids will consist of technical and financial assessments based on predefined criteria. Bids will be reviewed to ensure they meet the technical specifications and compliance requirements before moving onto the financial evaluation.
Delivery Locations:
The insurance coverage will pertain to assets deployed across various locations as specified by the POWER GRID Corporation of India Limited.
Contact Information:
For any queries related to this tender, bidders are encouraged to reach out to the appropriate contact channels provided on the tender portal.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
5 DocumentsDocuments Required from Seller
- Certificate (Requested in ATC) *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 entity in the insurance sector with a valid license from the Insurance Regulatory and Development Authority of India (IRDAI). Bidders must also demonstrate experience in providing similar insurance services, submit the required financial and compliance documentation, and ensure not to be debarred from bidding.
Bidders are required to provide coverage as per the outlined insurance policies, including coverage for Fire, Standard Fire & Special Perils, Terrorism, Earthquake, and other associated risks. All insurance policies must comply with legal standards and should cover the specified asset categories fundamentally included in the tender.
While specific EMD details may vary, typically, bidders are required to submit an EMD as part of the tender process to secure their bid. The EMD amount serves as a commitment to participate in the tender and is refunded upon completion of the bidding process, subject to compliance with the tender terms.
Bids should be submitted electronically through the designated government tender portal. Accepted document formats generally include PDF for proposals and other required documentation. It’s crucial to follow the submission guidelines provided in the tender document for any additional formatting requirements.
Micro, Small, and Medium Enterprises (MSEs) may benefit from simplified bidding processes, lower compliance burdens, and special attention during the evaluation process. These provisions aim to enhance participation and improve opportunities for smaller enterprises to engage with government contracts, thereby promoting a more inclusive procurement process.
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