Tender 2015-16 for Assets, Stock, Boiler, Laptops, Money, Fidelity Insurance

MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- TENDER 2015-16 FOR ASSETS, STOCK, BOILER, LAPTOPS, MONEY, FIDELITY INSURANCE TENDER – ASSETS INSURANCE Page 1 MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- NO: FIN/INS/ 2030 Date : 09-Nov-2015 To: GENERAL INSURANCE COMPANIES (only insurance company directly can participate in tender. Quotes through/from Brokers or other such Insurance agencies shall not be considered or entertained) Dear Sir, Reg: Inquiry for Assets Insurance renewal w.e.f. 01-Dec-2015 We are desirous of insuring / renewing various risks associated with our assets located at various places as per the scheme / requirements of insurance stated herein below. If you are interested in undertaking the insurance of the same please send us your quotes, stating therein in clear terms the premium, terms and conditions of insurance. I. FIXED ASSETS & RISKS TO BE INSURED FIXED ASSETS TO BE COVERED “Fixed Assets” shall mean to include the Buildings (Buildings includes Sheds, Roads, Bridges, Pools, Compound Walls, Security Cabins, Hoardings, Statues, Culverts etc.), Plant & Machinery, Data Processing Equipments, Office Equipments, Furniture & Fixtures, Electric Fixtures etc. at various locations, whether movable or immovable and whether that location is owned or rented or contracted. “Machines and Spares in Storage” means Bulk Cooler Machinery, Milk Testing Machines, Data Processing Equipments and other such items of equipment meant to be issued to the village milk societies for milk collection. Such items are temporarily stored at the respective Milk Chilling Centre/Dairy Units. TENDER – ASSETS INSURANCE Page 2 MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- I.01. IAR POLICY FOR ASSETS, STOCKS AND BOILERS AT MEHSANA, DHARUHERA, MANESAR AND CATTLE FEED PLANT AT JAGUDAN, AND UBKHAL Insurers are required to submit their quote for IAR policy for above locations and necessary details required is given below; I.01.A LOCATIONS TO BE COVERED Fixed Assets as per Statement No.1 located at Mehsana, Dharuhera, Manesar and Cattle Feed Plants at Jagudan and Ubkhal (Statement No.1 ) are to be covered under Industrial All Risk Policy for assets as per details already given in Statement No.-1 attached hereto. Rest of the locations will be covered under SFSP Policy and for this purpose all the conditions mentioned for SFSP Policies under Para-I.02, so far as applicable, shall be considered including Add On covers and other clauses. I.01.B SUM INSURED FOR STOCKS (ON FLOATER BASIS) Sum Insured for Stocks (Finished Goods, Semi-finished Goods, Stock-in-Process, Raw Materials, Packing Materials, Trading Materials, Stores, Spares, Consumables, Fuel, Scrap including emptied reusable bags/containers etc.) will be considered at Rs.400 Crore on floater basis only for IAR Locations stated above. I.01.C SUM INSURED FOR FLOP Only FLOP cover shall be considered for Loss of Profit cover and for this, 03 months period is to be considered. Sales Turnover (net of tax) of the Union for F.Y.2014-15 was Rs.4236 Crore and Gross Profit (before Administrative, Sales-Marketing Exps, Miscellaneous Exps., Interest and Depreciation) was approx. 5.35% of the annual turnover. With approx. 5% increase in turnover, the same ratio of GP is expected to continue during current financial year also and it is proposed to adopt G.P. of Rs.240 Crore for FLOP cover with excess clause for not more than 07 days. TENDER – ASSETS INSURANCE Page 3 MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- I.02. SFSP POLICIES FOR FIXED ASSETS AT LOCATIONS OTHER THAN COVERED UNDER IAR POLICY Location wise fixed assets to be insured under this policy are listed in: Statement – 2 enclosed with this document. I.02.A ASSETS & RISKS TO BE COVERED The risk coverage and other clauses that should be made applicable to the assets stated in Statement-2 are briefly stated herein below: RISKS TO BE COVERED: SFSPP RISKS: All our assets will be covered for risks stated under Standard Fire & Special Peril Policy risks (to include STFI – Storm, Tempest, Flood, Inundation group of perils and RSMD – Riot, Strike, Malicious Damage) with no exclusions. I.03. ADD ON COVERS TO BE PROVIDED FOR IAR AND SFSP POLICIES Following Add On Cover shall be provided in SFSP policies mentioned at Para-I.02 above and also for IAR policy mentioned at Para-I.01 so far as applicable and not already provided under IAR policy. I.03.A ADD ON COVER for EARTHQUAKE: All categories of Assets at all locations proposed for insurance shall be considered for Add On Cover for Earthquake. I.03.B TERRORISM COVER: Assets located at all the locations shall be included for Terrorism cover. However insurance company shall give quote for Terrorism separately for locations covered under IAR as per Statement-1 to this document including Stocks covered under IAR. I.03.C AGREED BANK CLAUSE: TENDER – ASSETS INSURANCE Page 4 MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- Agreed Bank Clause wherever applicable shall form part of the policy document. Names of the banks shall be communicated to the Insurance company at the time of award of the policy. However, if necessary during tenure of the policy, the names of one or more Banks will be communicated to the Insurer and these names shall also be endorsed for Bank Clause and the Insurer shall forthwith include the Bank in the Bank Clause. I.03.D DESIGNATION OF PROPERTY CLAUSE: Designation of Property Clause is to be included in the policy. That is, for the purpose of determining, where necessary, the item under which any property is insured, the insurers will agree to accept the designation under which the property has been entered in the books of Mehsana Dist. Co-op. Milk Producers’ Union Limited. I.03.E REINSTATEMENT VALUE CLAUSE: Reinstatement Value Clause shall be included in the policy. The sum insured for all assets at present as per Annexure-1 & 2 attached herewith have been stated at its approximate replacement/reinstatement value. I.03.F LOCAL AUTHORITY CLAUSE: Local Authority Clause shall be included to cover the additional cost of reinstatement solely by reason of the necessity to comply with the regulations of local authorities. I.03.G ESCALATION CLAUSE: An escalation clause equivalent to 10% of the total value of insurance shall have to be considered while calculating the premium figures. I.03.H OMISSION TO INSURE CLAUSE: All possible care has been taken to include the value of all assets till the initiation of this renewal process. However the insurer shall consider cover of any possible omission to insure any additions, alterations or extension that might have happened inadvertently by the insured. I.03.I SPONTANEOUS COMBUSTION CLAUSE: TENDER – ASSETS INSURANCE Page 5 MEHSANA DISTRICT COOPERATIVE MILK PRODUCERS UNION LIMITED DUDHSAGAR DAIRY, HIGHWAY, MEHSANA – 384 002 -------------------------------------------------------------------------------------------------------------------------------------- Loss arising to the stocks and fixed assets out of “Spontaneous Combustion of the raw materials stored in Cattle Feed Plants" premises at Boriavi, Jagudan and Ubkhal shall be included in the policy. The assets of these classes are stated in Statement No: 1 & 2 of this document. I.03.J ARCHITECTS, SURVEYORS AND CONSULTING ENGINEERS FEES: Standard Clause shall be included. I.03.K REMOVAL OF DEBRIS CLAUSE: Standard clause of debris removal shall be inserted. I.03.L MISCELLANEOUS If new locations are required to be added the Insurer will be informed of the same by the Dairy and thereafter the Insurer shall make a necessary endorsement of addition of location with or without any change in Total Sum Insured as per the needs of the Union. If the TSI is required to be increased, the Insurer will be informed and the Insurer shall agree to increase the TSI accordingly. Premium payment in the case of an increase in TSI will only be at the existing rate of Insurance adjusted for the period already elapsed. In other words the Insurance premium will be proportional to the remaining period of insurance without charge of any short period premiums. I.04 CLAIM EXPERIENCE (ASSETS AND STOCKS) Mehsana Union has a policy to insure all assets on a continual basis year after year and the assets under consideration (excluding the additions to the assets during period of last one or two months) are insured for SFSPP risks including Earthquake and Terrorism till 30-11-2015. 1) During the policy period (01-12-2010 to 30-11-2011), there were two claims under SFSP Assets and Stock policies; a) There was a fire in Powder Plant located at our Dudhsagar Dairy unit at Mehsana on 06th February, 2011.

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