KMRL invites RFP for obtaining Insurance Policies for Kochi Metro

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Kochi Metro Rail Limited (KMRL) has invited Request For Proposal for the Obtaining Insurance Policies for Kochi Metro Rail Limited.

  • Tender Reference Number: KMRL/FIN/INSURANCE/2021-22
  • Document Download / Sale Start Date: 03-May-2021
  • Document Download / Sale End Date: 24-May-2021
  • Bid Submission Start Date: 17-May-2021
  • Bid Submission End Date: 24-May-2021
  • Pre Bid Meeting Date: 12-May-2021
  • Bid Opening Date: 26-May-2021

About the project:

  • Kochi Metro Rail Limited (KMRL) wishes to obtain Insurance Cover for its assets and  interests against various perils/risks. The inception date for all these policies will be 09/06/2021.
  • The Kochi  Metro Rail Ltd. invites tender in the prescribed proforma from IRDA  approved Non-Life Insurance companies for taking various Insurance Policies, for  a  period of 1 year from 09/06/2021to 08/06/2022as per the details given in this document. 
  • Quotes are required for the following policies:
    • Operational Large Risk Insurance Policy.
    • Standard Fire and Special Perils Policy (For Head Office).
    • Standard Fire and Special Perils Policy (For Muttom Yard).
    • Standard Fire and Special Perils Policy (For Operational Assets and Stations).
    • Business Interruption policy(FLOP)including pandemic coverage.
    • Standalone Terrorism Policy (Including Rolling Stock).
    • Commercial and General Liability Insurance Policy.
    • Money Insurance Policy.
    • Personal Accident Insurance Policy (Passengers, Public, Contractor & sub-Contractors).
    • Machinery Breakdown Policy.
    • Electronic Equipment Policy
  • Under any of the insurance policies contained in this tender, KMRL may request for addition / deletion / alteration in the values insured hereunder any policy at any time  during the policy period and the effective premium for such alteration will be charged by the insurer on pro-rata basis for the unexpired period of the risk only. 
  • The addition / deletion / alteration on a pro-rata basis should also apply to operational  responsibilities taken over by KMRL or assigned by any government to KMRL or  capital additions.
  • KMRL also reserves the right to accept/ reject any offer without assigning any  reason whatsoever. Further, KMRL shall evaluate the financial bids based on the  total premium quoted by the insurance company, for all the policies combined together (for the entire portfolio) as well as on individual basis the decision of KMRL in this regard shall be final and will be binding on the Insurance company.
  • The values indicated for the policies are provisional and are likely to be updated. The Insurerwill therefore have to provide a detailed calculation of the premium so that based on the final values, the revised premiums can be calculated by the Company.  Similarly, the insurance company will have to extend the Cover for additional value / assets during the Policy period,as requested by KMRL, at the same rates on pro-rata basis.
  • KMRL also reserves the right to accept or reject a quote without assigning any reason and their decision shall be final. KMRL may also decide to withdraw any one or more of the above Policies listed, at any time.
  • The proposal shall be filled in by the Insurance Company neatly and accurately. Any corrections or overwriting would render the proposal invalid. The bidder shall sign on all pages of this tender document and annexures. 
  • The proposals submitted by the  Insurance Company shall cover all the elements mentioned in KMRL Tender 1.9 While quotations have been invited for different policy types, KMRL reserves the right to take any policy as deemed fit.  
  • Insurance companies should upload the draft policy wordings specifying the scope of coverage, add-on-covers, exclusions, deductibles and other terms & conditions proposed.
  • Owing to the critical nature of services, any damage would require urgent attention from KMRL in order to resume services. KMRL will fully cooperate with surveyors but would initiate repairs without waiting for surveyor incase damages require urgent attention.
  • The Standard Fire and Special Perils Policy is being taken for specific asset categories where complete assets under a particular category are covered. The assets selected are as per department and further per category. There is no further selection of assets within any category, therefore claims should not be subject to any under-insurance.
  • Deductible/excess if any, in such cases shall be calculated as per IRDA approved guidelines only.
  • Online Pre Bid meeting Date & Time 12.05.2021 at 11:30 AM (Pre Bid Meeting Link  will be published separately as a Corrigendum).
  • Last date for tender submission 24/05/2021at 05:00PM.
  • The offer shall remain valid for a period of 90 days from the last date of submission of the tender documents.
  • A single-stage procedure shall be adopted in evaluating the proposals. The technical and financial bids evaluation shall be carried out both together.
  • The Committee appointed  by KMRL shall carry out bid opening and its evaluation. The technical & financial bids will be opened on 26/05/2021at15:30 the address mentioned in the RFP and the Insurance Company authorized representatives are at liberty to be present at the time of opening.
  • The evaluation committee, after determining whether the technical & financial proposals are complete and without errors shall evaluate the lowest financial  proposal for conducting negotiation/award of contract.

Source: KMRL-Tender | Image Credit: KMRL

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