Housing And Urban Development Corporation Assets Insurance Tender Patna Bihar - All Risk Policy STFI Terrorism Earthquake 2026

Tender Overview

Housing And Urban Development Corporation Ltd invites bids for an Assets Insurance Service covering All Risk Policy with Standard Fire & Special Perils (STFI), Terrorism, Earthquake, Storm etc. The procurement location is Patna, Bihar and the opportunity encompasses comprehensive multi-cover insurance for government assets. Bidders must align with IRDA general insurance guidelines and provide undertakings to ensure no premium rate increases during contract. A 25% scope variation clause is included for quantities or contract duration, with lump-sum scope adjustments allowed with consent. Unique ATC mandates include submission of specific certificates and adherence to IRDA licensing. The absence of BOQ items suggests a broad, all-risk coverage mandate rather than itemized components. This tender emphasizes risk transfer across multiple perils and optional extensions where applicable.

Technical Specifications & Requirements

• Insurance coverage types: All Risk Policy including Standard Fire & Special Perils (STFI), Earthquake, and Terrorism; optional expansion for additional perils as required.
• License & compliance: Bidder must hold a valid IRDA General Insurance License; price bid must comply with IRDA guidelines; undertakings to prevent premium rate hikes during contract.
• Policy scope and endorsements: Policy to cover Storm, Typhoon, Hurricane, Tornado, Flood and Inundation as part of STFI; coverage explicitly states inclusion of all risks by quoted premium; insurer to provide comprehensive risk transfer.
• Tender-specific terms: 25% variation in quantity or duration; lump-sum scope adjustments with provider consent; no BOQ items; ATC requires certificates and OEM authorizations as applicable.
• Documentation & validity: Ensure submission of certificates and IRDA-compliant documentation; adherence to bid document and corrigenda; ensure all mandatory declarations are included.

Terms, Conditions & Eligibility

• EMD/Performance terms: EMD amount not disclosed in data; bids must include required insurance-specific certifications and evidence of IRDA license.
• Experience and eligibility: Bidders must demonstrate IRDA-compliant general insurance offering and ability to provide comprehensive risk coverage across all listed perils.
• Delivery/implementation: Policy activation and issuance aligned with contract award; premium pricing must remain stable for the contract term as per undertaking.
• Documentation: Upload IRDA license, GST, PAN, experience certificates, financial statements, and any OEM authorizations as applicable.
• Penalties & changes: Quantity/term adjustments allowed up to 25%; failure to maintain stated coverage could trigger contractual remedies; ensure compliance with bidder ATCs.