Housing And Urban Development Corporation Assets Insurance Tender Patna Bihar - All Risk Policy STFI Terrorism Earthquake 2026
Progress
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.
Key Specifications
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Insurance coverage: All Risk Policy with STFI (Standard Fire & Special Perils) including, but not limited to, Terrorism and Earthquake coverage
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Perils scope: Storm, Typhoon, Hurricane, Tornado, Flood and Inundation embedded within STFI
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Licensing: IRDA General Insurance License required; price bid compliant with IRDA guidelines
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Variations: 25% contract quantity or duration adjustment allowed at issue and post-issuance within limits
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Documentation: Mandatory certificates and OEM authorizations as per bid/addenda
Terms & Conditions
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25% quantity/duration variation allowed with/on contract issuance
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IRDA license and adherence to IRDA guidelines are mandatory
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Undertakings include no mid-term premium increases and comprehensive cover for stated perils
Important Clauses
Payment Terms
Not explicitly provided; bidders must align with IRDA-compliant premium submission and contract terms.
Delivery Schedule
Policy issuance and activation to be completed per contract award; no fixed BOQ delivery items.
Penalties/Liquidated Damages
Not detailed; contract allows 25% scope adjustment; ensure adherence to coverage terms to avoid remedies.
Bidder Eligibility
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IRDA General Insurance License validity
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Proven experience in issuing All Risk insurance policies
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Financial stability evidenced by last 3 years’ statements
Financial Results
| Rank | Seller | Price | Item |
|---|---|---|---|
| L1 | UNIVERSAL SOMPO GENERAL INSURANCE COMPANY LIMITED Under PMA | Item Categories : Assets Insurance Service - All Risk Policy; Standard Fire & Special Perils Cover, Storm, Typhoon, H | |
| L2 | UNITED INDIA INSURANCE COMPANY LIMITED Under PMA | Item Categories : Assets Insurance Service - All Risk Policy; Standard Fire & Special Perils Cover, Storm, Typhoon, H | |
| L3 | IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED Under PMA | Item Categories : Assets Insurance Service - All Risk Policy; Standard Fire & Special Perils Cover, Storm, Typhoon, H |
Tender Data
Bid Details
Quantity
1
Bid Type
Single Packet Bid
Bid Validity
180 (Days)
Bid Type
Service
Evaluation
Total value wise evaluation
Tech Clarification Time
2 Days
Preference & Exemptions
EMD Required
No
MII Compliance
Yes
MSE Purchase Preference
Yes
MSE Preference Band
L1+15%
MSE Exemption/Relaxation
No
Startup Exemption/Relaxation
No
Bid Splitting Applied
No
Requirements
Arbitration Clause
No
Mediation Clause
No
Additional Tender Data
Commercial Details
Tender Category
Service
Bid To RA
No
Bid To RA Enabled
No
Item Category
Assets Insurance Service - All Risk Policy; Standard Fire & Special Perils Cover, Storm, Typhoon, Hurricane, Tornado, Flood and Inundation (STFI) Cover, Terrorism Cover, Earthquake Cover; Optional
Payment Timelines
Payments shall be made to the Seller within 45 days of issue of service delivery acceptance certificate (SDAC) and on-line submission of bills (This is in supersession of 10 days time as provided in clause 12 of GeM GTC)
Delivery Details
Delivery Locations
1
Delivery Cities
Patna
Delivery Pincodes
800001
Delivery Locations
| Consignee | Address | City | State | Pincode | Quantity | Delivery Days | Additional Requirement |
|---|---|---|---|---|---|---|---|
| Satish Kumar Sinha | 800001,Mauryalok Complex block B-2, Second Floor | Patna | Bihar | 800001 | Project / Lumpsum Based | - | Total Number of Asset to be Insured (Quantity) : 1 Total Sum Insured for the Assets : 24984000 |
Authority Records
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Documents 6
GeM-Bidding-9554241.pdf
Main Document
Other Documents
OTHER
Other Documents
OTHER
Other Documents
OTHER
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
Required Documents
GST Registration Certificate
Permanent Account Number (PAN) Card
IRDA General Insurance License (valid)
Experience Certificates in General Insurance providing All Risk policies
Financial Statements / Turnover evidence (last 3 years)
Technical Bid Documents / Insurance Capability Statement
OEM Authorizations or Company Letterhead Undertakings (as applicable)
Bidder’s Undertaking on IRDA guidelines and no premium increase during contract
Frequently Asked Questions
Key insights about BIHAR tender market
How to bid for assets insurance tender in Patna Bihar 2026?
Bidders must hold a valid IRDA General Insurance License, submit GST, PAN, experience certificates, and financials, and provide an undertaking that premiums will not increase during the contract. Include OEM authorizations if required and comply with IRDA guidelines for the price bid.
What documents are required for IRDA-based insurance bids in Patna?
Required documents include GST certificate, PAN card, IRDA license, last 3 years’ financial statements, insurance experience certificates, technical capability documents, and any OEM authorizations. Upload all as per Terms and Conditions to participate in the tender.
What coverage is included in the All Risk policy tender in Patna?
The policy must cover STFI (Standard Fire & Special Perils) including Storm, Typhoon, Terrorism, Earthquake, and Flood/Inundation as part of the All Risk package, with optional extensions if specified by the buyer.
What is the required undertaking regarding premium rates in this bid?
Bidders must undertake that there will be no subsequent increase in premium rates during the contract period, and that the quoted premium fully covers all specified risks as per IRDA guidelines.
What are the variation terms for contract quantity or duration?
The buyer may vary contract quantity or duration up to 25% at contract issue and subsequently up to 25% with approval; lump-sum scope changes are allowed with consent in lumpsum-based services.
What is the delivery/issuance timeline for the insurance policy in Patna?
Policy issuance should occur in line with contract award; no fixed BOQ items exist, so coverage begins upon policy issuance and activation following final bid acceptance.