HUDCO Assets Insurance Service Tender Chennai Tamil Nadu 2026 IRDA Licensed All Risk Policy

Tender Overview

Housing And Urban Development Corporation Ltd in Chennai, Tamil Nadu seeks an Assets Insurance Service - All Risk Policy covering Standard Fire & Special Perils (SFSP), STFI (Storm, Typhoon, Hurricane, Tornado, Flood, Inundation), Terrorism, and Earthquake with an optional extension. The contract includes a 25% variation clause on quantity or duration. Bidders must hold a valid IRDA license and ensure premiums are IRDA guidelines compliant with no mid-term premium hikes. The bid scope emphasizes a comprehensive insurance solution for HUDCO assets, without a BOQ. Estimated contract value and EMD are not disclosed in the provided data, necessitating bidder clarification. Unique requirement: cover all listed peril categories under a single policy, with certificate uploads and undertaking commitments. Tender in Chennai procurement process targets IRDA-licensed insurers capable of seamless premium stability and scope adherence.

Technical Specifications & Requirements

• Product/Service: Assets Insurance Service with All Risk Policy including SFSP and STFI-level coverage; optional add-ons for terrorism and earthquake
• Standards/Certifications: IRDA license requisite; insurance premium to be quoted as per IRDA guidelines
• Coverage Details: • Standard Fire & Special Perils • Storm/Typhoon/Hurricane/Tornado • Flood & Inundation • Terrorism • Earthquake; all risks included in quoted premium
• Contract Terms: 25% quantity/duration variation permissible; price bid must reflect compliance with IRDA guidelines
• Delivery/Contractual Scope: Insurance policy for HUDCO assets; no BOQ items available; ensure policy aligns with HUDCO risk profile
• Eligibility Indicators: IRDA license validity; ability to provide certificates and undertakings as required

Terms, Conditions & Eligibility

• EMD: Amount not disclosed in tender data; bidders must verify
• Experience/Turnover: Not specified; bidders must meet IRDA-licensed insurer requirements and provide relevant policy experience
• Delivery/Validity: Premiums must remain unchanged during contract period per undertaking; no mid-term rate hikes
• Payment Terms: Payment structure not disclosed; ensure bids align with IRDA guidelines
• Documents: Upload required certificates; IRDA license; certificates per bid document/ATC; company undertakings confirming scope coverage
• Penalties/Warranty: No explicit LDs stated; contract emphasizes adherence to IRDA guidelines and coverage scope
• Miscellaneous: All submissions must adhere to buyer-added terms including 25% variation clause; ensure compliance with all ATC clauses