Housing and Urban Development Corporation Ltd Insurance Tender Patna Bihar Asset Insurance Service 2026

Tender Overview

Housing And Urban Development Corporation Ltd invites bids for Asset Insurance Service in Patna, Bihar covering All Risk Policy with Standard Fire & Special Perils (SFSP), Storm/Typhoon/Hurricane/Tornado, Flood & Inundation (STFI), Terrorism and Earthquake; optional cover available. The scope includes a single insurance contract with potential 25% variation in quantity or duration at issue, subject to approval. Bidders must hold an IRDA license for general insurance policies and ensure premium rates align with IRDA guidelines. The bid requires certificate uploads as per ATC conditions, and the insurer must guarantee no premium rate increases during the contract period. This tender emphasizes compliance, risk coverage breadth, and timely, transparent bid submission from HUDCO’s procurement in Patna. Unique clauses include supplier undertakings regarding IRDA licensing and full risk coverage by the quoted premium, with no BOQ items defined.

Technical Specifications & Requirements

• Product/Service: Asset insurance service for All Risk coverage including SFSP, STFI, Terrorism, Earthquake and optional addons as requested by HUDCO.
• Coverage breadth: Standard Fire & Special Perils plus natural disasters and terrorism; earthquake included; premium must be IRDA-guided and AAA/TRTL-style risk coverage where applicable.
• Documentation/Compliance: Upload all required certificates; ensure bid adheres to ATC; provide IRDA license proof and statement that premiums will not adjust during the term.
• Contract flexibility: Up to 25% increase/decrease in scope or duration at contract issuance or renewal, with provider consent.
• Location relevance: Tender issued by HUDCO for assets located in Patna, Bihar; insurance must align with local risk assessments and policy norms.

Terms, Conditions & Eligibility

• IRDA license for general insurance policies required; your bid must include license verification.
• Price bid compliance with IRDA guidelines; confirm no premium rate hikes for the contract period.
• Certificate uploads mandatory; missing certificates may lead to rejection.
• Quantity/duration variation: Buyer may adjust up to 25%; acceptance required.
• Docs to submit: GST, PAN, experience/certificates, financials, EMD/security, OEM authorizations where applicable.
• Payment terms and delivery specifics are to be confirmed in the final contract; ensure timely invoicing and settlement as per HUDCO norms.