Indian Oil Corporation Limited R&D Centre Faridabad Special Contingency Risk Policy Tender 2026

Tender Overview

Indian Oil Corporation Limited: The Research & Development Centre (materials Department) in Faridabad, Haryana invites bids for a Special Contingency Risk Policy under the Assets Insurance Service category. Estimated value is ₹506,214.10. The BOQ contains zero items, indicating a policy/cover-based procurement rather than goods delivery. The tender notes an option clause allowing contract quantity or duration adjustments up to 25% at issuing time and that bids/SOW must accommodate such variations post-award. This opportunity targets insurers or brokers capable of providing specialized contingency risk coverage for the IOC R&D facility. The absence of technical specs implies a focus on policy terms, coverage limits, and risk management capabilities. Unique aspects include the dual designation “special contingency risk policy; Optional” and alignment with Indian Oil Corporation Limited’s assets protection framework. This tender requires precise handling of insurance risk profiles, regulatory compliance, and service-level commitments within a government-linked procurement context, while offering bidders a defined yet flexible risk coverage contract.

Technical Specifications & Requirements

• Category: Assets Insurance Service for special contingency risk policy (optional).
• Organization: Indian Oil Corporation Limited – R&D Centre (Materials Department).
• Location: Faridabad, Haryana 121001.
• Estimated Value: ₹506,214.10.
• BOQ: Total Items – 0 (no itemized goods Tender, emphasis on policy terms).
• ATC Clause: Buyer may adjust contract quantity or duration up to 25% during issue; post-award, same 25% ceiling applies.
• Specifications Availability: Not provided; plan focuses on policy cover terms and insurer capabilities rather than hardware.

Terms, Conditions & Eligibility

• EMD: Not disclosed in data; bidders should verify as part of bid submission.
• Delivery/Performance: Contingency risk policy tender with flexible quantity/duration per ATC; no delivery of physical goods required.
• Documentation: In absence of technical specs, bidders should prepare standard insurance bid documentation, policy outlines, and risk management evidence.
• Bid Variability: Accept revised quantity or duration up to 25% at contract issue and same post-award limit.
• BOQ: Not applicable; no itemized requirements.
• Location-based context: This is IOC’s R&D Centre assets risk coverage aligned to state procurement norms in Haryana.