Bharat Heavy Electricals Limited Assets Insurance Service CAR & STFI Cover Tender Betul Madhya Pradesh 2026

Tender Overview

Organization: Bharat Heavy Electricals Limited (BHEL) – Department of Heavy Industry; Location: Betul, Madhya Pradesh 460001; Procurement category: Assets Insurance Service covering Contractors All Risk (CAR), Property Damage, Fire & Special Perils (FP/SP), STFI (Storm, Typhoon, etc.), Theft/Burglary, Earthquake. Scope includes multiple coverages under a single insurance program for assets; Contract type: Insurance service with potential scope expansion as per terms. The tender specifies an 25% quantity/duration variation option, applicable before contract issuance and post-award adjustments with provider consent. Unique aspect: insurer eligibility is strictly IRDAI-registered with a minimum 3 years’ experience; no agent participation is allowed. The opportunity targets IRDAI-compliant insurers to provide comprehensive, integrated asset risk cover for BHEL assets in Madhya Pradesh.

Technical Specifications & Requirements

• Insurer eligibility: IRDAI-registered insurers with 3+ years experience; provide latest Registration/Renewal certificate and IRDAI receipt voucher.
• Delivery scope: Multiple lines of coverage (CAR, Property Damage, FP/SP, STFI, Theft/Burglary, Earthquake) under a single policy framework; no explicit BOQ items available.
• Contract flexibility: Option clause allows a 25% increase/decrease in quantity or duration at contract issue or within the approved scope; lumpsum work scope adjustments require service provider consent.
• Documentation constraints: No agents; bidders must comply with IRDAI registration and maintain updated certificates.
• Value/EMD: Estimated value and EMD details are not specified; bidders should anticipate standard IRDAI tender documentation and bank guarantees as applicable.

Terms, Conditions & Eligibility

• EMD/Performance terms: Not specified in the data provided; expect standard IRDAI insurance tender practices, including performance security where applicable.
• Delivery & payment terms: Not detailed here; bidders should monitor for standard payment terms in the contractual documents and policy issuance timelines.
• Qualification: Only IRDAI-registered insurers with 3+ years’ experience; no agents allowed; must submit latest registration/renewal certificate and IRDAI receipt voucher.
• ATC/Clauses: 25% quantity/duration variation permitted; service scope may be increased with the provider’s consent.
• BOQ/Specification: No BOQ items; product category limited to multiple insurance lines for assets.