Objectives

The primary objective of this tender is to secure comprehensive short-term insurance coverage for Vaal Central Water over a period of 60 months. The insurance aims to provide financial protection against risks such as property damage, equipment loss, liability claims, natural disasters (floods, fires, storms, earthquakes), and business interruptions. Additionally, the tender seeks to appoint a qualified insurance broker to manage the insurance brokering services, claims management, review of cover and limits, and provide training and reports throughout the contract duration.

Scope

The scope of work includes, but is not limited to:

• Provision of short-term insurance coverage for property, equipment, natural disasters, and liability claims.
• Coverage for natural disasters such as floods, storms, earthquakes, and other acts of nature.
• Public/Third party liability insurance and SASRIA coverage.
• Claims management, review of cover, limits, and insurance manual preparation.
• Annual assessments, risk exposure reviews, and ad hoc training on policies and procedures.
• Provision of quarterly claims reports and insurance quotes based on replacement cost values.
• Promotion of Broad Black Economic Empowerment (BBBEE) and compliance with procurement regulations.
• Verification of bidder eligibility, including local enterprise status, BBBEE level, and professional registration.

Technical Requirements

The technical requirements specify that the insurance broker must:

• Be registered with the Financial Sector Conduct Authority (FSCA) as an authorized financial services provider.
• Provide proof of registration annually during the contract period.
• Demonstrate experience in providing insurance cover to organizations with assets valued at least R3 billion over the past ten years.
• Submit detailed proposals including scope of services, methodology, and approach.
• Disclose all insurers or underwriters to be used, including credit ratings and scope of cover.
• Provide specimen insurance policies, scope of cover, terms, conditions, and exclusions.
• Compile and share claims procedures, insurance manuals, and risk management strategies.
• Ensure compliance with all relevant South African legislation and regulations.
• Attend compulsory site meetings and provide annual proof of registration and compliance.

Skills Requirements

The tenderer must possess:

• Expertise in short-term insurance brokering, claims management, and risk assessment.
• Qualified personnel with extensive experience (minimum 10 years) in corporate insurance and brokering services.
• Key personnel including an Accounts Manager with relevant qualifications and experience in corporate insurance management.
• Support staff with proven experience in claims support, technical broking, and infrastructure insurance.
• Ability to develop and implement insurance strategies, review policies, and conduct risk assessments.
• Knowledge of South African insurance legislation, BBBEE compliance, and procurement policies.
• Capability to provide ad hoc training, quarterly reports, and detailed insurance manuals.
• Strong references from reputable organizations demonstrating successful insurance service delivery.