Objectives

The primary objective of this tender is to appoint a reputable service provider to provide comprehensive insurance services to the Harry Gwala Development Agency (HGDA) for a period of 36 months. The goal is to ensure adequate coverage of property, contents, vehicles, and other risk areas, facilitating effective risk management and asset protection.

Scope

The scope of work includes providing insurance cover for various risk areas such as:

• Damage to contents at the building due to theft with forcible entry/exit
• Physical loss or damage to electronic equipment and property held in trust or on commission
• Internal and external glass including mirrors
• Riots, strikes, and political riots (SASRIA cover)
• Combined risks covering property constructed of bricks, stone, concrete, or metal, including fire, lightning, explosions, impact, theft, and accidental damage
• Office furniture and fittings
• Comprehensive vehicle cover with roadside assistance
• Loss or damage to accounts and records

The service provider must also provide claims handling, premium management, and ensure coverage aligns with HGDA’s asset register and specific requirements.

Technical Requirements

The technical requirements include:

• Provision of comprehensive insurance policies covering specified risk areas
• Submission of specimen policy wording
• Provision of insurance for all assets as per HGDA asset register, with details provided upon request
• Adherence to specified premiums, including VAT, with premiums rounded to the nearest rand
• Inclusion of annual escalation rates not exceeding 10% for subsequent years
• Claims turnaround time of 30 days from submission
• Provision of professional indemnity insurance with a minimum indemnity limit of R5 million
• Insurance coverage for property, electronic equipment, glass, SASRIA, combined risks, office contents, vehicles, and records

Skills Requirements

The bidder must demonstrate:

• Extensive experience in providing insurance services, evidenced by signed appointment and reference letters (minimum 5 years preferred)
• Knowledge of local authority insurance requirements and risk management
• Capability to handle comprehensive insurance portfolios, including property, vehicles, and liability
• Qualified personnel with relevant expertise in insurance underwriting, claims management, and risk assessment
• Ability to provide professional indemnity insurance and manage complex insurance claims efficiently
• Proven track record of delivering timely claims processing (30 days turnaround)
• Compliance with all legal and regulatory requirements, including FSCA and FIA registration