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Bullion / Gold Coins Insurance of Indian Overseas Bank for the period of 10th December 2019 to 09th December 2020
Sealed tenders are invited by the Indian Overseas Bank for Insurance cover of all the
Bullion / Gold Coins of the Bank, situated in various locations, for the policy year 2019 -
20 (Policy Period: From 10th December 2019 to 09th December 2020)
The Bank has appointed M/s Alliance Insurance Brokers Pvt Ltd (AIBPL) as its Exclusive
Broker to solicit the proposals through a two stage bidding process (comprising of
Technical and Price / Financial bids) from IRDA licensed general insurance companies
operating in India for Insurance program to be availed by Bank for its Bullion / Gold
Coins Insurance on pan India basis.
The “Request for Proposal” (RFP) for the project is appended here. Interested bidders
are requested to refer to the said RFP. Bids made strictly as per provisions of the RFP
document should be submitted latest by 12.30 pm on 02.12.2019 at the address
mentioned below:
General Manager
Precious Metal Section
Treasury Department
4th Floor, Annex Building, Central Office,
Indian Overseas Bank
763 Anna Salai
Chennai – 600002.
Request for Proposal (RFP)
Introduction
The Indian Overseas Bank (the Bank) is the Public sector bank with Central Office at Chennai. It has number of Offices situated in various cities across the country.
The Bank has appointed M/s Alliance Insurance Brokers Pvt Ltd (AIBPL) as its Exclusive Broker to solicit proposals through a two stage bidding process (comprising of Technical and Financial Bids) from IRDAI Licensed General Insurance companies operating in India for Bullion / Gold Coins Insurance to be availed by the Bank for the policy year 2019-20. Bidders are invited to submit their proposal in accordance with this Request for Proposal (RFP).
Complete confidentiality should be maintained. Information provided here should be used for its intended scope and purpose. Retention of this RFP signifies your agreement to treat the information as confidential. You must agree to bear all costs related to the preparation of your proposal. Bid submission and all other terms and conditions are detailed in the following sections of this document. All communication with regard to this proposal needs to be directed to AIBPL only.
Your proposal must:
Consider 10th December 2019 as effective date for Policy inception and administration
Provide Technical Bid as per Form 1 and Financial Bid/Quote as per Form 2 along with all its Annexures
Bids to be submitted in the form of sealed envelopes on or before 12.30 PM on 02nd December 2019
Proposals received after the stipulated date & time will not be considered.
General Information Task Completion Date
Request for Proposal Released 20th November 2019
Written questions regarding RFP to AIBPL 22nd November 2019 by 4.30 PM
Bids Submission Due Date 02nd December 2019 by 12.30 PM
Date of Opening of Technical Bids 02nd December 2019 at 2.00 PM
Date of Opening of Financial Bids 02nd December 2019 at 4.30 PM
Completion of Placement Process 5th December 2019 by 4.30 PM
Policy Inception Date 10th December 2019 (00:00 Hours)
Should you so desire, your authorized representative may remain present at the time of
opening of bids at the below mentioned address:
General Manager
Precious Metal Section
Treasury Department
4th Floor, Annex Building , Central Office
Indian Overseas Bank
763 Anna Salai
Chennai – 600002
Insurance companies are required to Submit Technical Bid and Financial Bid in two
separate sealed envelopes before 12.30 pm on 02nd December 2019. Financial Bids of only
those insurance companies will be opened and considered for further evaluation who
qualify as eligible based on minimum cut – off points criteria in their Technical Bids.
Bids Submission Terms and Conditions:
Your proposal must clearly indicate the name of the responding organization, as well as
the name, address and telephone number of the primary contact at your organization
for this proposal. Your proposal must include the contact name for local service and
account management team that IOB/ AIBPL can call directly.
Please submit your proposal response in two sealed envelopes respectively containing
Technical Bid and Financial Bid not later than 12:30 PM on 02nd December 2019 in person
in the tender box as mentioned below:
General Manager
Precious Metal Section
Treasury Department
4th Floor, Annex Building, Central Office
Indian Overseas Bank
763 Anna Salai
Chennai – 600002
Bids submitted in any other manner (eg. E-Mail, Fax etc.,) shall be considered as invalid
and would disqualify the bidder.
No extension will be granted for submission.
In case of any difficulty, in bid submission at the above address you may contact any
of the below mentioned officers:
-
Shri. Mr.R.Vaidyanathan, Assistant General Manager, IOB - (Tel. +91-44-28519616)
Shri. Mr.Annamalai, Senior Manager, IOB (Tel. +91-44-28519617)
Shri. Dinesh Kumar, Manager, AIBPL (Cell: +91 9152021191)
It is the responsibility solely of the bidder to ensure that the bid envelopes get deposited
in the Tender Box on or before stipulated time. IOB or AIBPL shall not be responsible for
any late or non - delivery / deposit in the box. Late delivered / non-delivered bids shall
not be considered.
Questions concerning the RFP or its attachments should be directed to AIBPL only via e-
mail to Shri. Nakul Vadher ([email protected]) and Shri. Prasad Godbole
No questions concerning the RFP are to be directed to IOB and no answers will be
provided over the phone. Please submit all questions in writing by email to AIBPL by 4:30
PM on 22nd November 2019. AIBPL will send a written response by email to substantive
questions by 5:00 PM on 26th November 2019.
IOB and AIBPL Insurance Broker assume no responsibility or liability for any costs you may
incur in responding to this RFP, including attending meetings, site visits.
Proposal Instructions
(A) Proposal Requirements
You may note that for the purpose of the selection of the insurer a two-stage bidding
process will be followed. The response to the present tender will be submitted in two
parts, i.e., the Technical Bid and the Financial Bid. The Bidder will have to submit the
‘Technical Bid’ and the ‘Financial Bid’ separately in two different envelops, but within
the stipulated date and time. The ‘Technical Bid’ will contain the exhaustive and
comprehensive Technical details indicated in Form 1 and Financial Bid’ will contain the
Pricing information as indicated in Form 2 along with all the Annexures.
The Technical Bid shall NOT contain any pricing or commercial information at all and if
the Technical Bid contains any price related information, then that Technical Bid would
be disqualified and would NOT be processed further, and the bidder would get
disqualified.
All proposal responses will be opened in front of a committee constituted for this
purpose in IOB in the presence of representatives of AIBPL and insurance company if
they choose to remain present.
(B) Important Terms:
Quotes: The rates quoted must be final and considered firm regardless of claims
experience as on the policy effective date, 10th December 2019.
Terms: Your proposal must not include “Cancellation” and / or “Premium / Claims
Review” clause.
Endorsements: Premium for endorsement (addition / deletion) should be computed
on daily pro-rata basis. Any refunds on account of deletions should be refunded on
pro-rata basis. (C) Process to be adopted for Evaluation of the Bids
In the first stage, only the ‘Technical Bids’ will be opened and Technical Bids in respect
of only those bidders who fulfill the eligibility criteria indicated below will be considered.
Eligibility Criteria
i. The Insurance Company has to be registered with IRDA.
ii. The company should have at least 5 years’ experience in the field of general
insurance.
iii. The company should have Pan India presence as the offices of IOB are spread
across India.
iv. The company must have provided Insurance cover to Public Sector/ Private
Sector Institutions in the last three years –
a) At least three institutions with assets not less than Rs.1500 crores each or
b) At least two institutions with assets not less than 2500 crores each
or
c) At least one institution with assets not less than Rs.4000 crores.
As the Bank will examine the exceptions, conditions and special conditions along with
other details furnished by the Insurance Company, Bank reserves the right to reject the
tender without assigning any reason.
The Technical Bids will also be evaluated on the basis of the points to be awarded as
per following table:-
Evaluation criteria for Technical Bids: Sr. No
Criterion
Points
Total
1 Number of Years completed Since License given by
IRDA as on 30.06.2019
10
More than 5 and upto 6 years 6
>7 and upto 9 Years 8
Above 9 Years 10
2 Gross Total Premium underwritten within India (Rs.
in Crores) in FY 2018-19 10
Up to Rs. 1500 Crores 4
Rs. 1500 Crores – and Upto 3000 Crores 6
>Rs. 3000 Crores –Upto Rs. 5000 Crores 8
> Rs. 5000 Crores 10
3 Property Premium underwritten within India (Rs. In Crores) in FY 2018-19 (Including Bullion Insurance)
10
Up to Rs. 300 Crores 4
>Rs. 300 Crores - Rs.600 Crores 6
>Rs. 600 Crores – Rs. 1000 Crores 8
> Rs. 1000 Crores 10
4 Solvency Ratio as on 30.06.2019 10
Less than 1.5 0
1.5 – Less than 1.75 2
1.75 – Less than 2.00 5
2.00 – Less than 2.5 7
2.5 and above 10
5 No of Office in India as on 30.06.2019 10
0-50 4
51-100 6
101-150 8
Above 150 10
6 Number of Public Sector Undertakings being serviced by you (On Any Lines) as on 30.06. 2019
10
0-10 4
11-20 6
21-30 8
31-40 10
7 Property Insurance Claims Settlement Ratio for FY 2018-19 as per IRDA published statistics (Including Bullion Insurance)
10
Upto 90% 4
More than 90% and Upto 95% 6
More than 95% and Upto 98% 8
More than 98% 10
8 Market Share as on 30.06.2019 (% As per IRDA) 10
Upto 2 4
More that 2 and Upto 4 6
More than 4 and Upto 6 8
Above 6 10
9 List & Number of Clients being Serviced by you in Financial Sector (BFSI) as on 30.06.2019
10
0-10 6
11-50 8
Above 50 10
10 List & Number of PSU Banks being Serviced by you as on 30.06.2019
10
Upto 2 4
3 or 4 6
5 or 6 8
More than 6 10
D). Bidders meeting the basic criteria and scoring equal to or more than 60 marks as per
above evaluation in Technical Bid, will qualify for the further process of bidding.
In the second stage, the Financial Bids of only those bidders, who have qualified through
the above process on the basis of evaluation of their Technical Bids, will be opened. In
case of eliminated bidders, the sealed financial bid will not be opened.
Indian Overseas Bank (IOB) reserves the right to:
Reject any or all responses received in response to the RFP without assigning any
reason whatsoever.
Cancel the RFP / Tender at any stage, without assigning any reason whatsoever.
Waive or Change any formalities, irregularities, or inconsistencies in this proposal
(format and delivery). Such a change / waiver would be duly and publicly notified
in the Bank's website before the closure of the bid date.
Extend the time for submission of all proposals and such an extension would be duly
communicated by AIBPL to all the insurance companies.
Select the next most responsive bidder if the first most responsive bidder evaluated
for selection fails to execute SLA (Draft Attached) and complete the placement
process within a specified time frame.
Select the bidder even if a single bid is received as response.
Share the information / clarifications provided in response to RFP by any bidder, with
all other bidder(s) / others, in the same form as clarified to the bidder raising the
query
Bid Submission
1. Response Format:
Section 1 – Technical Bid to be submitted in a separate sealed envelope in the attached
Format
Refer: Form 1
*Super scribe the envelope with the reference # IOB/Bullion
Insurance/2019/20/Technical Bid
Section 2 – Financial Bid to be submitted in a separate sealed envelope in the attached
Format
Refer: Form 2
*Super scribe the envelope with the reference # IOB/Bullion
Insurance/2019/20/Financial Bid
2. The sealed covers containing the Technical Bid and the Financial Bid should in turn
be put in one single sealed outer envelope to be super-scribed as “Technical and
Financial Bids for Bullion Insurance 2019-20”.
3. The bid should be signed by the bidder or any person duly authorized. The signatory
should give a declaration and through authenticated documentary evidence
establish that he/she is empowered to sign the tender documents and bind the
contract. All pages of the tender documents except brochures, if any, are to be
signed & Stamped by the authorized signatory.
4. The bid should contain no interlineations, erasures or over-writings except as
necessary to correct errors made by the bidder. In such cases, the person/s signing
the bid should initial such corrections.
5. The bidder is expected to examine all instructions, forms, terms and conditions and
technical specifications in the Bidding Documents. Failure to furnish all information
required by the Bidding Documents or submission of a bid not substantially responsive
to the Bidding Documents in every respect will be at the Bidder’s risk and may result
in rejection of the bid.
6. No columns of the tender should be left blank. Offers with insufficient information and
Offers which do not strictly comply with the stipulations given above, are liable for
rejection.
7. The bids will be opened in the presence of authorized representatives of the bidders.
However, the representative of the bidder has to produce an authorization letter
from the bidder to represent them at the time of opening of Technical / Commercial
bids. Only two representatives will be allowed to represent any bidder. In case the
bidder’s representative is not present at the time of opening of bids, the quotations
/ bids will still be opened at the scheduled time at the sole discretion of the Bank.
RFP Terms and Conditions:
Following additional terms and conditions shall apply to the evaluation process:
(a) Bidder warranties - By submitting a Response, Bidder represents and warrants to IOB
that, as at the date of submission:
i. the Bidder has fully disclosed to IOB in its Responses all information which could
reasonably be regarded as affecting in any way IOB’s evaluation of the Response;
ii. all information contained in the Bidder’s Response is true, accurate and complete;
iii. and not misleading in any way;
iv. no litigation, arbitration or administrative proceeding is presently taking place,
pending or to the knowledge of the Bidder threatened against or otherwise involving
the Bidder which could have an adverse effect on its business, assets or financial
condition or upon IOB’s reputation if the Response is successful;
v. the Bidder will immediately notify IOB of the occurrence of any event, fact or
circumstance which may cause a material adverse effect on the Bidder’s business,
assets or financial condition, or IOB reputation or render the Bidder unable to perform
its obligations under the IOB agreement, if any or have a material adverse effect on the
evaluation of the responses by IOB; and
vi. the Bidder has not and will not seek to influence any decisions of IOB during the
evaluation process or engage in any uncompetitive behavior or other practice which
may deny legitimate business opportunities to other Bidders.
(b) Confidentiality - Bidder must keep confidential any information received from or
about IOB as a result of or in connection with the submission of the Response. All
information contained in the Response, or in subsequent communications shall be
deemed confidential and may be used only in connection with the preparation of
Bidder’s Response. Unless expressly agreed in writing prior to submissions, Responses are
not confidential and may be used by IOB in whole or part. IOB however, will not disclose
the information provided by Bidder in a Response other than to its affiliates or to its
professional advisors, unless required otherwise by any provisions of law. Additionally
and at any point of the evaluation and selection process, IOB may require the Bidder
to execute an NDA if the Bidder has not executed an NDA with IOB previously.
(c) Disclaimer- Whilst all reasonable care has been taken in compiling this Response
document, the figures, documents and details are presented in good faith; and no
warranty or guarantee (express or implied) is given by IOB as to the completeness or
accuracy of the Response or any information provided in or in connection with it. To the
maximum extent permitted by law: RFP – Bullion and Gold Coins 2019-20
a) IOB, its officers, employees and agents will not be liable in any way whatsoever for any
loss, damage, cost or expense (including without limitation any liability arising from any
fault or negligence on their part) arising from the evaluation process; and each Bidder
releases and indemnifies IOB from all claims, suits, demands, proceedings,
actions, liabilities, damages and costs which may arise under statute, law, equity
or otherwise arising form, whether directly or indirectly, or in connection with the
evaluation and selection process.
b) This RFP is not an offer to contract, nor should it be construed as such; it is a
definition of specific IOB requirements and an invitation to recipients to submit a
responsive proposal addressing such requirements. IOB reserves the right to make
no selection and enter into no agreement as a result of this RFP. Only the
execution of a written agreement between IOB and a vendor will obligate IOB in
accordance with the terms and conditions contained in such agreement.
c) It should be understood that your response to this RFP constitutes an offer to do
business on the terms stated in your response and that, should a contract be
awarded to you, IOB may, at its option, incorporate all or any part of your
response to this RFP in the contract. IOB reserves the right to accept your offer
without further discussions and without any additional opportunity for you to
amend, supplement or revise your submitted offer.
d) IOB’s right to verify - IOB reserves the right to conduct a site survey or obtain other
evidence of facilities, resources, and managerial, financial and Bidder
performance abilities prior to announcing the successful Bidder or awarding an
agreement under this evaluation process.
e) Financial documents- IOB may request additional financial/business information
from the Bidder at its discretion.
f) Selection criteria- The selection criteria, inquiries, questions or information put forth
in the Response are meant to be provided on the aforesaid and established
through the details submitted by the bidder in the Technical Bid. Financial bids of
those companies which do not meet the evaluation criteria will not be opened
and processed further.
g) Termination/or suspension of evaluation process - IOB reserves the right to suspend or
terminate the Bidder evaluation process (in whole or in part) at any time in its absolute
discretion and without liability to the Bidder or any third party. Bidders will be notified if
any suspension or termination occurs but IOB is not obliged to provide any reasons.
h) Other Rights - Without limiting its rights under any other clause of this evaluation process
or at law, and without liability to the Bidder or any third party, IOB may at any stage of
the evaluation process: I. Require additional information from a Bidder;
II. Change the structure and timing of the evaluation process;
III. Terminate further participation in the evaluation process by a Bidder;
IV. Negotiate with more than one Bidder;
V. Terminate negotiations being conducted with a Bidder;
VI. Vary or extend the timetable and evaluation process.
VII. Accept any non-complying Response; or
VIII. Vary the terms and conditions of the evaluation process, the RFP or
specifications or requirements at any time.
i) Responsibility for Costs - Bidder is responsible for all costs, expenses or liabilities incurred
by them or on their behalf in relation to the evaluation process (including in relation to
providing IOB with the response, the revised response or any additional information).
j) Non-Reliance by Bidder - Bidder, by submitting a Response, acknowledges that:
I. it does not rely on any information, representation or warranty, whether
oral or in writing or arising from other conduct, other than that specified in
this RFP or otherwise provided by IOB in writing;
II. it has made its own inquiries as to regarding the risks, contingencies and
other circumstances that may have an effect on the Bidder’s Response
as well as the accuracy, currency or completeness of such information;
and
III. Information provided in its Responses are based on historical trends does
not constitute a representation that such trends will continue into the
future or occur again and nothing contained in its Response can be
relied upon as a commitment, guarantee or representation regarding
future events or performance.
IV. IOB‘s right to vary - IOB reserves the right to vary any aspect of this
valuation process, RFP without liability to Bidder. Where IOB varies any
aspect of this evaluation process or the agreement, IOB shall notify the
Bidder of that variation.
k) Incorporation of Responses into agreement - The successful Bidder as concluded
by IOB shall sign a IOB agreement. IOB may, at its sole discretion, incorporate any
portion of any successful Response of a successful Bidder in to the final IOB
agreement. IOB may require a successful Bidder to submit, before negotiation of
the IOB agreement, details of issues which may affect their ability to act as a
Bidder.
l) Precedence of Documents - If there is any inconsistency between the terms of this
RFP and any of its appendices, schedules or attachments then, unless the
contrary is explicitly stated in this RFP, the terms of the RFP will prevail to the extent
of any inconsistency.
m) Governing Laws & Dispute Resolution-The RFP and selection process shall be
governed by and construed in accordance with the laws of India. Any dispute
arising out of the RFP process shall be referred to arbitration under the Arbitration
& Conciliation Act, 1996. The arbitral tribunal shall consist of three arbitrators - one
each to be appointed by IOB and Bidder.
n) Appointed arbitrators then appointing an umpire / third arbitrator. The venue of
arbitration shall be Mumbai.
o) The evaluation process as communicated earlier shall continue without any
changes.
p) In the event that you elect not to respond to this RFP, then the restrictions shall
continue to apply to the use or disclosure of the information. Additionally, Bidders
must immediately return this document and certify in writing to AIBPL, that all
copies have been returned to AIBPL, or destroyed.
Form 1
Part A – Technical Bid
Technical Bid for Policy Period 10th December 2019 to 09th December 2020
Sr.No. Parameters Responses
1 No of Completed Years since license given by
IRDA as on 30/06/2019
2 Gross Total Premium underwritten within
India (Rs. in Crores) in FY 2018-19
3 Property Premium Underwritten within India
(Rs. In Crs) (incl. Bullion Insurance) in FY
2018-19
4 Solvency Ration as on 30/06/2019
5 No. of offices in India as on 30/06/2019
6 No. of Public Sector Undertakings being
serviced by you (on any Lines) as on
30/06/2019
7 Property Insurance Claims Settlement Ratio
for FY 2018-19 as per IRDA published
statistics
8 Market share as on 30/06/2019 (% as per
IRDA)
9 No of clients being serviced by you in
Financial Sector (BFSI) as on 30/06/2019
10 Number of PSU Banks being Serviced by you
as on 30.06.2019
Annexures:
1. Coverage and other Confirmation
2. SLA duly stamped and initialed
We confirm that the above information is true and correct. We agree that in case, any of the
information is found to be incorrect then we may be disqualified from the bidding process and we
shall not raise any objections to the same.
For, ________________
Authorised Signatory
Name of official:
Annexure 1 to Technical Bid
On the letter-head of the bidder Coverage & other Confirmations
A. We hereby confirm that we meet all the three criteria as mentioned under “Eligibility Criteria” Section of the
RFP.
B. We hereby further confirm that bid submitted by us is in compliance with all Tariff and other regulations and
will not prejudice the interest of Insured and that all the claims shall be processed on the merits of the case. C. We hereby confirm that the bid submitted by us is based on the covers, terms and conditions contained in
the RFQ below:
Policy Type: Bullion Insurance Policy Insured Name: Indian Overseas Bank Insured Address: Precious Metal Section Treasury Department, Central Office, 763 Anna Salai, Chennai 600 002. Policy Period: From 10th December 2019 till 09th December 2020 Sum Insured: INR 700 crores Limit for Any One Loss (no annual aggregate limit unless specified): Bullion in Vault/MMTC Coins in Safe / Hubs: INR 210 crores as a maximum per location (7 locations) Gold coins at Selling Hub: INR 1.5 crores any one loss as a maximum per location (28 locations) Bullion / Gold coins in Counter: INR 35 lacs any one loss as a maximum per location (app. 3,300 branches) Property insured in custody of Employees: INR 35 lacs Risk Locations: Pan India Branches of IOB and locations as detailed in Annexure SCOPE OF COVER & LIMITS: We confirm that Policy is an All Risk Insurance Policy and more particularly covers the following: 1. Fire and Allied Perils to include cover on Volcanic eruption and other convulsions of Nature
2. Earthquake 3. Storm, Tempest, Flood and Inundation (STFI) cover
4. Theft and Burglary
5. “Dacoity” and “Robbery” cover
6. Riots Strike Malicious Damage cover
7. All current number of employees and all additions of employees during the policy period to be automatically covered.
8. Deployment of armed/unarmed guards entirely at the discretion of the Bank as per RBI guidelines
9. Gold kept in locked safe with keys removed (for locations other than vaults not having strong room) to be covered under the policy
10. Business/non business hours or lunch hours to have no bearing on the claim
11. Cover for property carried by authorized Bank officials. This is for occasional transits for smaller quantities upto 1 kg and/or for local distance through various modes of transit.
12. All new branches serving bullion and gold coin business during policy period are automatically covered without additional premium, subject to Sum Insured remaining unchanged.
13. Extortion is covered
14. Underinsurance or average clause not to apply
15. 72 Hours Clause
16. Mysterious Disappearance
17. Tiger Kidnapping
18. Basis of Valuation: Market Value Policy Deductible Flat Deductible of INR 25,000 each and every claim for all risk cover other than terrorism. Insurers agree to settle 100% of the assessed minimum liability without submission of police final investigation report, within 30 days of the receipt of all the documents/clarifications. Policy to have Agreed Panel of following pre-defined Surveyors: a. Sudhir Tandon & Co. b. Puri Crawford & Associates India Pvt. Ltd. c. Professional Insurance Surveyors & Loss Assessors Pvt. Ltd.
d. MACK Insurance Surveyors & Loss Assessors Pvt. Ltd. E. We further confirm that our quote is Reinsured with the following Participating Reinsurers with support not less than 90% in the aggregate.
Name of Reinsurer Share
F. Further confirm that we are agreeable to Execution of SLA as the format provided in RFP
prior to placement of the policy. (Draft SLA duly stamped and signed by us is attached).
For,
Authorised Signatory
Annexure 1 – A: Risk Locations
Sr.
No.
Risk Locations Address
Vaults / Hubs
1 Coimbatore Gandhipuram – 11/953, Cross Cut Road, Gandhipuram, Coimbatore 641 012
2 West CIT Nagar Branch, No.56/30 South Usman Road, Chennai-600017
3 Chennai Cathedral – 762, IOB Buildings, Anna Salai, Chennai – 600 002
4 Mumbai Santacruz – 14 B, Sangam CHSL, Vivekananda Road, Opp. Vijay Sales, Santacruz (West), Mumbai 400 054
5 Delhi Parliament Street – 10, Jeevan Deep Building, Parliament Street, New Delhi – 110 001
6 Kolkata Amratolla – 4 A, 1 Floor, Rupchand Rai Street, Amratolla, Kolkatta 700 007
7 Hyderabad Adarsh Nagar – 5-9-305A, Paiga Plaza Building, Basheer Bagh, Hyderabad 500 029
Sr.
No.
Branch
Code
Branch Name Branch Address
Coin Selling Hubs
1 266 Agra 1/7 Nath Complex, Dhakran Crossing, MG Road, Agra - 282010,
District – Agra
2 353 Ahmedabad
Ashram road
Opp Handloom House, Ashram Road, Ahmedabad - 380002,
District – Ahemdabad
3 11 Bangalore City 7 Srisailam, 1 Main Road, Gandhi Nagar, Bangalore - 560009,
District - Bangalore Urban
4 105 Baroda 156/2-3, Mehta Pole, Bank Road, Mandvi, Baroda - 390006,
District – Vadodara
5 1065 Bellary T.S. No. 52, Plot No. 3&9, Ward No. 16, 1st Floor Ananthapur
Road, Bellary - 583101, District - Bellary
6 873 Bhubhaneshw
ar Sahid
Nagar
B2, West Sahid Nagar, Bhubaneshwar - 751007, District – Khurda
7 667 Bullion Bazar
Madurai
251/B/79 , South Avanimoola Stree, Bullion Bazar, Madurai -
625001, District – Madurai
8 131 Coimbatore
Oppanakkara
307, Oppanakara Street, Coimbatore - 641001,
District – Coimbatore
Street
9 24 Ernakulam Main 40/8487, Near Kavitha Theatre, MG Road, Ernakulam, Kochi -
682035, District – Ernakulam
10 1015 Erode – Surampatti
72, Perundurai Road, Surampatti, Erode - 638011 , District –
Erode
11 139 Goa Panjim Neptune Hotel buildings, Dr. A. Pissurlkar Road, Panjim, Goa -
403001 , District - North Goa
12 158 Jaipur MI Road 11, Rituraj Building, MI Road, Jaipur - 302001 , District – Jaipur
13 424 Jamshedpur 10, Silver Cage Mall (Ist Floor), Diagonal Road, Bistupur,
Jamshedpur - 831001 , District - Purbi Singhbhum
14 29 Mangalore
Hampankatta
13-13-1530, KS Rao Road, Hampankatta, Mangalore - 575001,
District - Dakshin Kannad
15 61 Mysore Main 529/530, 1st Floor, Prithvi Arcade, Asoka Road, Mysore - 570001,
District – Mysore
16 1989 Pune Karve Road 43/21, Erandwane, Karve Road, Pune - 411004 , District – Pune
17 366 Ranchi Main Athmaram Bhavan, Off MG Marg, Radheshyam Lane, Main Road, Ranchi - 834001 , District - Ranchi
18 568 Salem - Fairlands 197/1 B-2, 5th Cross, Brindavan Road, Fairlands, Salem - 636016, District – Salem
19 467 Trichy - Jamal
Mohammad College
Jamal Mohammad College Campus, TVS Tollgate,
Tiruchipalli - 620020, District – Tiruchipalli
20 496 Trivandrum -
Kuravankonam
TCNO 18/1704-1, Mangulangara Towers, Kuravankonam -
Pattom PO, Thiruvananthapuram - 695003 , District – Thiruvananthapuram
21 101 Vijaywada Main 11-01-101, 1st Floor, Park Road, Vijaywada - 520001, District – Krishna
22 121 Vishakapatnam Main
47-15-12 , Station Road, Dwaraka Nagar, Visakhapatnam - 530016, Vishakapatnam
23 1213 Raipur Plot - 60, Bilaspur Road, Near Fafadih Chowk, Beside Capital college, Raipur - 492001, District - Raipur
24 458 Silliguri DNP Building, 1st Floor, Hill Cart Road, Opp. Hotel Binayak, Siliguri - 734001, District – Darjiling
25 429 Dehradun 32, Tagore Villa, Chakrota Road, Dehradun - 248001, District – Dehradun
26 1484 Patna Exhibition Road
Saboo Complex, Behind Republic Hotel, Exhibition Road, Patna - 800001, District – Patna
27 112 Surat Office - 1007, Upper Ground Floor, Ring Road, 21st Century Business Centre, Surat - 395002, District – Surat
28 0446 Civil Lines Ludhiana
Fountain chowk, civil lines, Ludhiana - 141001
Branches of the Bank other than the above
29 All Branches of Indian Overseas Bank within India
Annexure 2 to Technical Bid
Tripartite Service Level Agreement
INDIAN OVERSEAS BANK, AIBPL PRIVATE LIMITED AND THE
INSURER.
INSURANCE CLAIMS PROCEDURE
The following procedure is agreed upon and adopted to deal with all the services
arising under various insurance Policies issued by
_______________________________ (hereinafter referred to as “The
Insurer”) through AIBPL Private Limited (hereinafter referred to as “AIBPL”) to
Indian Overseas Bank (hereinafter referred to as “IOB”).
1. Policy Documents Servicing Process –
All Policies/Endts will be issued in 7 Working Days Cash Deposit account Statement shall be issued on 15th of every
succeeding month. Premium quote to be released within 3 working days in case of any
fresh policy requirements from IOB.
2. Claims Servicing Process - Intimation of Loss:
Every loss to be intimated within 3 days from the date of occurrence.
3. Loss Minimization:
At all times IOB shall take all reasonable steps to minimize losses, prevent
aggravation of a loss and contain the loss effectively.
4. Survey:
4.1. Appointment of Surveyor:
Insurer to appoint a panel of surveyors to be agreed upon as per mutual
consent between IOB and AIBPL. The Insurer to appoint one of the surveyors
from the panel for survey and assessment of loss. The composition of this
panel of surveyors can be monitored and evaluated on a quarterly basis by
all Parties. In the event where empaneled surveyor is not available, insurer
has liberty to appoint surveyor as per their liberty.
4.2. Turn Around Time for Survey and issuance of Survey Report:
The Insurer will appoint a surveyor from the panel of surveyors mentioned
in clause 3.2 above within 24 hours of getting the claim intimation from
AIBPL or IOB, subject to weekends and public holidays.
The appointed surveyor at all times will coordinate with both AIBPL and
IOB’ teams and inspect the loss within 48 hours of his appointment.
The Surveyor must contact the local representative of IOB before visiting
the site location. For any reason if the local representative of IOB is
unavailable then the Surveyor must contact the following officials of IOB:
First Contact
Second Contact
Surveyor to submit the report within seven working days of the completion
of inspection and receipt of all the required documents & clarifications. On
submission of a set of documents/clarification if the same are found to be
incomplete /discrepant then the Surveyor shall advice within 7 working days
on additional document/clarification that is required.
Surveyor shall submit one copy of Survey Report to AIBPL.
In the event of a difference of opinion with the surveyor, AIBPL shall
coordinate with The Insurer to jointly resolve such issues with the Surveyors
and present the same to IOB.
5. Standard Claims Documentation:
It is agreed and understood that documentation forms an important
component of a claim and The Insurer and the surveyors will keep the
operational reality in mind while asking for the same. At the same time, IOB
will strive to provide whatever documentation it may have in its possession
to establish the authenticity of the claim raised by it.
In general the following documents will be required for settlement of claims:
1. Insurer’s Claim Form duly filled and signed.
2. FIR; FIR is mandatory in theft, burglary and fidelity cases
3. Incident report
4. Internal Bank Documents such as transaction records etc. depending
upon nature of claim.
5. Newspaper cutting on the incident, if any.
6. Police Final Report for Burglary/Theft/Robbery.
7. Claim Bill quantifying the loss claimed.
The above list is not exhaustive and additional documents may be called for,
depending upon nature of loss and will be provided by IOB, if practically possible.
6. Assessment Principles:
All Parties will jointly work towards expeditious settlement of claims.
IOB will render all possible help to the surveyor and AIBPL to help The
Insurer in arriving at the quantification of the loss.
IOB shall strive to provide all documents asked by Surveyor, but in no
case, will affect the claim settlement process once it has been established
that a specific document is not practically possible to provide.
Insurers agree to make an On Account payment to the extent of 100%
of the assessed minimum liability, within 30 days of the receipt of all the
documents/clarifications.
Claim settlement disputes, if any, will be resolved in a professional
manner between by all Parties in a consultative manner.
Problems not resolved at the Operational Level will be escalated as per
escalation matrix.
A claim which is pending for certain statutory documentation like the
Police Final Investigation Report, the issuance of which is beyond the
control of IOB but all Standard Claims Documentation has been
submitted, Insurer shall make on account payment of 75% and balance
amount to be settled on submission of such document.
7. Settlement and Payment of Claims:
Turn Around Time:
All Losses upto Rs 100,000 shall be settled within 21 working days of the
receipt of the documents/clarifications.
All losses more than Rs 100,000/- and upto Rs 10 Lacs shall be settled
within 30 working days of receipt of survey report and all
documents/clarifications.
Claims exceeding Rs 10 Lacs settled within 45 working days of receipt of
survey report and all documents/clarifications.
Claim payments shall be done NEFT to IOB as per the bank account details
shared by IOB.
In case of payment by Cheque, it is to be drawn in favour of IOB and the
same is to be sent to AIBPL office for onward submission to IOB.
8. Co-ordination:
Operational- INDIAN OVERSEAS BANK
Mr. _________ is single point contact from INDIAN OVERSEAS BANK for
all matters.
The escalation matrix for INDIAN OVERSEAS BANK shall be as under.
Sr.
No.
NAME MAIL ID MOBILE NO
Recipient
Type
1
2
Operational- AIBPL
Mr/Ms.________ is single point contact from AIBPL for all policy related
matters and for claims Mr/Ms._______.
The escalation matrix for AIBPL for all matters shall be as under.
Sr.
No
.
NAME MAIL ID MOBILE NO
Recipie
nt Type
1
2
3
Operational-(Insurer)
Mr/Ms.__________ is one point contact for all matters.
The escalation matrix for The Insurer shall be as under.
Sr.
No.
NAME MAIL ID MOBILE NO
Recipient
Type
1
2
There will be a joint quarterly meeting to review and resolve all pending
matters.
SIGNATURE SIGNATURE SIGNATURE
For and on Behalf of For and on Behalf of For and on Behalf of
INDIAN OVERSEAS
BANK. AIBPL PVT. LTD. THE INSURER
Form 2
Part B – Financial Bid
Financial Bid for Policy Period 10th December 2019 to 09th December 2020
Sr. No
Description
Sum Insured Premium
Amount in Rs.
1. Coverage, Terms &
Conditions as per
Annexure 1 to Technical
Bid i.e. Coverage &
other Confirmation
As per Annexure 1 to
Technical Bid i.e. Coverage
& other Confirmation
GST (18) %
TOTAL inclusive of GST
Rs.____________ In Words: Rupees
Annexures:
1. Claims Summary – NIL Claims for Last Three Years (as on 18.11.2019)
For, ________________
Authorised Signatory
Name of official:
