Assets Insurance Service - All Risk Policy; Property Damage Cover, Standard Fire & Special Perils C
North Eastern Electric Power Corporation Limited
EAST KHASI HILLS, MEGHALAYA
Posted:
22 April 2025
Closed:
24 May 2025
GEM
Tender Overview
Northern Coalfields Limited (Coal India Limited) seeks a comprehensive Fire & Perils Insurance solution for assets under its coal operations, including Standard Fire & Special Perils (SFSP) Cover, STFI (Storm, Typhoon, Hurricane, Tornado, Flood), Business Interruption (Loss of Profit), Machinery Breakdown (MBD), and Terrorism risk coverage. The estimated contract value is ₹2,080,000 with an EMD of ₹26,000. Although the tender location is not specified in the data, the scope clearly targets multi-risk insurance for critical mining assets and business continuity. The buyer’s ATC documents indicate bidders should review eligibility and contract terms within the uploaded ATC file. This package emphasizes broad coverage across standard and catastrophic risk events, suitable for a coal-producing organization seeking carrier-solutions that combine property, BI, and equipment breakdown protections in a single policy. The procurement focuses on a regulated insurance solution for a government-controlled entity, with clear emphasis on compliance and risk transfer efficiency.
Technical Specifications & Requirements
- Product/Service: Multi-risk insurance program covering SFSP, STFI, BI (Loss of Profit), MBD, Terrorism.
- Estimated Value: ₹2,080,000 total contract value.
- EMD: ₹26,000 (as security deposit).
- Standards/Compliance: Reference to ATC document; bidders must review for eligibility and contract terms; no explicit product-spec numbers provided in the public data.
- Scope Details: Insurance for assets and business continuity across coal operations; no itemized BOQ items available.
- Provider Requirements: Likely need for insurer with capacity to cover multi-peril risk, adherence to government procurement terms in the ATC, and ability to process claims for large asset portfolios.
Terms, Conditions & Eligibility
- EMD Amount: ₹26,000; payment method per ATC guidance.
- Experience/Turnover: Eligibility linked to ATC document; bidders must consult the uploaded ATC for exact prerequisites.
- Delivery/Activation: Insurance coverage to commence upon policy issuance; delivery timeline governed by contract terms in ATC.
- Payment Terms: Not explicitly stated; to be confirmed in ATC, typically policy premium upfront or as per schedule.
- Documents: GST registration, PAN, prior policy certificates, financial statements, and OEM/insurer authorizations as per ATC; exact submission checklist in ATC document.
- Penalties/Clauses: Clauses for claims handling, coverage limits, and regulatory compliance to be detailed in the ATC.
