Tender Title: Assets Insurance Service

Reference Number: GEM/2025/B/6070963

Issuing Authority/Department:

RURAL ELECTRIFICATION Corporation Limited

Scope of Work and Objectives:

The purpose of this tender is to procure comprehensive Assets Insurance Services for the RURAL ELECTRIFICATION Corporation Limited, under the Ministry of Power. The scope includes coverage for various risks such as All Risk Policy, Theft/Burglary, Machinery Breakdown, Terrorism, Natural Disasters (e.g., Earthquake, Storm, Flood), and additional Special Perils. The objective is to safeguard the corporation's assets against unpredictable events, ensuring operational continuity and risk mitigation.

Eligibility Criteria:

To qualify for participation in this tender, bidders must be registered entities capable of offering the required Assets Insurance Services. Participants should possess relevant licenses and certifications to conduct insurance operations, along with a demonstrated experience in handling similar projects.

Technical Requirements:

Bidders must meet specific technical requirements in accordance with industry standards for insurance provision. This includes providing proof of possessing the necessary skills, tools, and resources to execute the insurance contract effectively. Companies should maintain compliance with applicable regulatory frameworks and legislative requirements in the insurance sector.

Financial Requirements:

Submissions must include detailed financial statements that demonstrate the bidder's capability to deliver the insurance services specified. Additionally, bidders should adhere to the financial frameworks that highlight effective pricing strategies, ensuring competitive yet sustainable rates for the services provided.

Document Submission Details:

Bidders are required to submit their proposals electronically via the official portal. All documentation must be submitted in a suitable format (PDF, DOC). A checklist detailing the requisite documents must accompany the submission for clarity and compliance.

Special Provisions:

The tender holds special provisions supportive of Micro, Small, and Medium Enterprises (MSEs) and offers incentives for startups. These measures are aimed at encouraging participation from smaller entities to enhance competition and diversity within the insurance market.

Evaluation Process:

The evaluation of bids will be based on criteria such as price competitiveness, technical compliance, experience, and delivery timelines. A transparent scoring system will be implemented to assess all proposals fairly, ensuring that selected bidders meet the corporation's objectives and expectations.

Delivery Locations:

Assets Insurance Services are to be delivered across various operational locations defined by the RURAL ELECTRIFICATION Corporation Limited. Specific site requirements will be clarified in the tender documents.

Contact Information:

For inquiries regarding this tender, bidders may refer to the official contact details provided in the tender documents. However, please refrain from disseminating misrepresented information.

Conclusion:

This tender represents an excellent opportunity for firms specializing in Assets Insurance Services to partner with RURAL ELECTRIFICATION Corporation Limited, facilitating risk management and asset protection in alignment with government initiatives. Bidders are encouraged to carefully review the requirements and ensure compliance in their submissions.