Tender for providing various Insurance policies for the year 2026-2027

Format of Technical bid B

Declaration as regards MOU to be

3 Certificate in respect of Financial bid B-2

Certificate in respect to minimum excess B-3

Declaration as to the correctness of details provided B-4

Format of Financial-bid C

Memorandum of understanding to be signed between

GMDC Ltd. and Insurance Company D

Policy-wise Quotation slips

No. Particulars No.

Industrial All Risks Policy (IAR) for Akrimota Thermal

1 Power Station (ATPS) I

Industrial All Risks Policy (IAR) for 05 MW Solar Power

Special Contingency Policy for Contractor Plant and

3 Machinery III

4 Machinery Breakdown Policy IV

5 Electronic Equipment Policy V

Standard Fire & Special Perils Policy (Including terrorism

7 Burglary & House Breaking Policy for mining projects VII

Special Contingency Policy Covering Dewatering

8 Expenses VIII

9 Commercial General Liability Insurance Policy IX

10 Office Package Insurance Policy X

11 Group Mediclaim Insurance Policy XI

12 Group Personal Accident Policy XII

13 Commercial Crime Insurance Policy XIII

14 Marine Cargo Inland and Import Transit Insurance Policy XIV

Directors and Officers Liability and Company

15 Reimbursement Policy XV

16 Cyber Crime Insurance Policy XVI

Motor Vehicle Insurance Policy-Comprehensive and Act

Detail of sheet attached

No. Particulars No.

Detail Sum Insured of Standard Fire & Special Perils Policy

5 1 (Including terrorism cover) I

Detail Sum Insured of Burglary & House Breaking Policy for

2 mining projects II

Details of Vehicle for Motor Vehicle Insurance Policy-

3 Comprehensive and Act Only III & IV

Tender No. 01/GMDC/INSURANCE/2026

Sub: Tender for providing various Insurance policies for the year 2026-2027

Dear Sir / Madam,

Tender is invited only from insurance companies for following General Insurance Policies:

No. Policy Type Period

Industrial All Risks Policy (IAR) for Akrimota Thermal Power

1 Station (ATPS) 08.08.2026 to 07.08.2027

Industrial All Risks Policy (IAR) for 05 MW Solar Power 08.08.2026 to 07.08.2027

Special Contingency Policy for Contractor Plant and 08.08.2026 to 07.08.2027

4 Machinery Breakdown Policy 08.08.2026 to 07.08.2027

5 Electronic Equipment Policy 08.08.2026 to 07.08.2027

Standard Fire & Special Perils Policy (Including terrorism 08.08.2026 to 07.08.2027

7 Burglary & House Breaking Policy for mining projects 08.08.2026 to 07.08.2027

8 Special Contingency Policy Covering Dewatering Expenses 08.08.2026 to 07.08.2027

9 Commercial General Liability Insurance Policy 08.08.2026 to 07.08.2027

10 Office Package Insurance Policy 08.08.2026 to 07.08.2027

11 Group Mediclaim Insurance Policy 08.08.2026 to 07.08.2027

12 Group Personal Accident Policy 08.08.2026 to 07.08.2027

13 Commercial Crime Insurance Policy 08.08.2026 to 07.08.2027

14 Marine Cargo Inland and Import Transit Insurance Policy 08.08.2026 to 07.08.2027

Directors and Officers Liability and Company 08.08.2026 to 07.08.2027

15 Reimbursement Policy

16 Cyber Crime Insurance Policy 08.08.2026 to 07.08.2027

Motor Vehicle Insurance Policy-Comprehensive and Act 08.08.2026 to 07.08.2027

The Policy-wise quotation slips which are appended in the tender document furnish the various

underwriting information that may be required by Bidders to prepare the quotes.

Bidders are requested to submit Bids to GMDC Office, Registry Section, at Khanij Bhavan, Ahmedabad

by 25/06/2026 up to 05.30 P.M. and the Qualification bid will be opened on 29/06/2026 at

A.M.in the presence of representatives of insurance companies.

Gujarat Mineral Development Corporation Limited

(A Government of Gujarat Enterprise)

CIN : L14100GJ1963SGC001206 Khanij Bhavan”, 132 Ft. Ring Road, Near University Ground, Vastrapur,

Email : [email protected] ,website : www.gmdcltd.com

1. Submission of Bids

The bids are to be submitted in two separate sealed envelopes super-scribed with the above bid

document number, due date and the nature of bid (Qualification bid in Envelope No 1 and Technical bid

in Envelope No 2). Financial Bid to be submitted only in Online Mode.

PART-I (Envelope No 1) - Qualification bid has to be submitted along with all details and documents as

required in prescribed format.

PART-II (Envelope No 2) – Technical bid has to be submitted along with all details and documents as

required in prescribed format.

PART-III – The bidders must submit a Financial Bid only on-line before the stipulated time. Financial

bid of all bidders whose Bids meet the prescribed technical requirements, would be taken up for

opening at this stage of the Bidding process. If the Financial bid is submitted in the physical format,

the bid will not be taken up for scrutiny and will be out rightly rejected.

Pre-requisite condition regarding opening of financial bids submitted by insurance companies:

• Only those insurance companies that have a valid and active Memorandum of Understanding

(MoU) with the Gujarat Government Insurance Fund (GGIF) shall be eligible for opening of their

financial bids.

• The MoU with GGIF must be in force on the date of opening of the financial bid as well as on

• Financial bid of insurance companies not having an active MoU with GGIF on these dates will

not be opened and considered.

After opening of financial bid, the bidder will be asked to share applied occupancy rates, calculations

details etc, if required.

The two envelopes containing Part-I and Part-II mentioning Qualification bid and Technical bid

respectively shall be put in a larger envelope duly sealed and shall bear the name and address of the

bidder addressed to CFO & General Manager ( Accounts), GMDC Ltd. Bidders should ensure that

Financial bid is submitted only on-line before the stipulated time, in case Financial bid is submitted in

sealed envelope No. 1 or 2, GMDC reserves the right to reject the same.

2. GMDC reserves the right to accept or reject any tender in part or full without assigning any

reason whatsoever.

3. The offer of the Bidder shall be valid for a period of two months from the last date of submission

A complete set of tender document may be downloaded from our website WWW.GMDCLTD.COM &

https://gmdc.nprocure.com by 25/06/2026 up to 05.30 PM

If you require any further information, kindly get in touch with undersigned or Smt. Shivani Desai,

Sr. Manager (Finance).

Yours Faithfully,

Chief Financial Officer & General Manager ( Accounts)

General Terms and Conditions

Instructions to Bidder

The bid shall be addressed to the officer inviting tender as indicated in the letter of inviting tender. The

bid shall be submitted to GMDC Registry section, at Khanij bhavan Ahmedabad by 25/06/2026 up to

05.30 PM. Qualification bid will be opened on 29/06/2026 at 11.30 AM in the presence of

representatives of insurance companies.

• The bid received after the time prescribed for submission are liable to be rejected.

Telephonic/telegraphic/fax/email offers shall not be entertained.

• Any submission of document/bid/letter shall not be entertained after prescribed time of Bid

• Bidder must fill up all the schedules and furnish all the required information as per the

instructions given in various sections of the bid document.

• Canvassing in any form in connection with the bid is strictly prohibited and the tenders

submitted by bidders who resort to canvassing are liable to be rejected.

• Each pages of bid document shall be signed and stamped by the authorized person of

insurance company.

Bid shall remain valid for acceptance for a period of two months from the date of opening of the bid/ till

the time Policies are placed. The bidder shall not be entitled to modify, vary, revoke or cancel their bid

during the said period. The validity of the bid maybe extended with the consent of the bidder as and

when required for the period as requested by GMDC Ltd in writing.

Submission of Bid

The bids are to be submitted in two separate sealed envelopes super-scribed with the above bid

document number, due date and the nature of bid (Qualification bid in Envelope No 1 and Technical bid

in Envelope No 2). Financial Bid to be submitted only in Online Mode.

PART-I (Envelope No 1) – Qualification bid

The bid has to be submitted along with all details and documents as required in the prescribed format.

The format of qualification bid is at Annexure A.

PART-II (Envelope No 2) – Technical bid

The bid has to be submitted along with all details and documents as required in the prescribed format.

The format of technical bid is at Annexure B, B-1, B-2, B-3 & B-4.

PART-III (Envelope No 3) – Financial bid

The format of Financial bid is at Annexure-C and the quotation slips for different policies are appended

at Schedule I to XVII. Annexure-C should be digitally signed and all other schedules should be duly

signed by an authorized person of the bidder. The bidders must submit a Financial Bid only on-line

before the stipulated time. Financial bid of all bidders whose Bids meet the prescribed technical

requirements, would be taken up for opening at this stage of the Bidding process. If the Financial bid is

submitted in the physical format, the bid will not be taken up for scrutiny and will be out rightly

The two envelopes containing Part-I and Part-II mentioning Qualification bid and Technical bid

respectively shall be put in a larger envelope duly sealed and shall bear the name and address of the

bidder addressed to CFO & GM (Accounts), GMDC Ltd. Bidders should ensure that Financial bid is

submitted only on-line before the stipulated time, in case Financial bid is submitted in sealed envelope

No. 1 or 2, GMDC reserves the right to reject the same.

Pre-requisite condition regarding opening of financial bids submitted by insurance companies:

• Only those insurance companies that have a valid and active Memorandum of Understanding

(MoU) with the Gujarat Government Insurance Fund (GGIF) shall be eligible for opening of their

financial bids.

• The MoU with GGIF must be in force on the date of opening of the financial bid as well as on

• Financial bid of insurance companies not having an active MoU with GGIF on these dates will

not be opened and considered.

The bids shall be submitted only on-line before the stipulated time Bidder shall fill their quoted rates

and amount as defined in Part -III.

• Each page of the bid shall be signed by authorized person.

• Bidder should ensure that the quoted prices are strictly as per terms and conditions of

quotation slips and it shall be in adherence to various guidelines, circulars, rules and

regulations stipulated and issued on time to time IRDAI and/or GIC.

The Tender Document & Evaluation: It is three stage bid evaluation system.

Part-I Qualification Bid:

Before taking up evaluation of technical bid qualification bid will be checked. The bidders who fulfill

following bid qualification criteria will be taken up for further technical evaluation.

1. The insurance company should participate from Ahmedabad / Gandhinagar office only.

2. The bidder should have prior experience of providing insurance cover (with minimum 20% share

in insurance) to at least 3 PSU having minimum average turnover of Rs. 1000 crore during the

financial year 2022-23, 2023-24 and 2024-25 as per audited accounts.

3. The bidder should have positive net worth as per audited statement as on March 31,

however, PSU bidders are exempted from fulfilling this criteria as per Govt. of India, Ministry of

Finance, Dept. of Financial Services, Govt. of India, Office Memorandum No. EG-

14017/64/2020-Ins II dated December 05,

4. The bidder must have Reinsurance arrangements with Reinsurers having minimum rating as

per IRDA’s stipulated requirement of rating.

5. The bidder should have maintained solvency ratio as on March 31, 2026. as per IRDA guideline,

however, PSU bidders are exempted from fulfilling this criteria as per Govt. of India, Ministry of

Finance, Dept. of Financial Services, Govt. of India, Office Memorandum No. EG-

14017/64/2020-Ins II dated July 02,

The supporting documents in respect of above have to be submitted along with Annexure A

highlighting the requirements as listed on Sr No 01 to 05 for Qualification bid.

Part-II Evaluation of Technical Bid:

The details for technical evaluation will be provided as per Annexure B and marks will be given as per

under mentioned criteria:

Sr. Criterion Points. Total

1 Number of Years Since License given by IRDAI as on March 31, 2026.

1. Minimum 5 years

2. Up to 8 years

3. Up t o 10 Years

4. Above 10 Years

2 Gross Total Premium underwritten within India For FY 2025-26.

1. Up to Rs. 1000 Crore

2.Up to Rs 2000 Crore

3.Up to Rs. 4000 Crore

4. Above Rs. 4000 Crore

3 Property Premium underwritten within India For FY 2025-26. (Including

Fire& Engineering)

1.Up to Rs. 250 Crore

2.Up to Rs.500 Crore

3.Up to Rs.750 Crore

4.Above Rs. 750 Crore

4 Solvency Ratios as per IRDAI guidelines as on March 31, 2026.

Note: All PSU Bidders will be given 15 points in respect of Solvency Ratios as PSU

bidders are exempted from fulfilling this criteria as per Govt. of India, Ministry of

Finance, Dept. of Financial Services, Govt. of India Office Memorandum No. EG-

14017/64/2020-InsII dated July

5 Credit Rating by Rating Agencies/International & Domestic as on March

If Any – Please Specify

6 Property Insurance incurred Claims Ratio For FY 2025-26.

7 Market Share as on March 31, 2026. (% As per IRDAI)

8 Property Insurance Claim Settlement Ratio For FY 2025-26.

9 List & Number of PSU Clients being Serviced by bidder (with minimum 20%

share in Insurance) having minimum average turnover of Rs. 1000 Crore

during the financial year 2022-23, 2023-24 and 2024-25 as per audited

accounts. (Policy Document to be provided as supporting document)

Bidders meeting the basic qualification bid and scoring equal to or more than 50 marks as per above

evaluation in Technical Bid, will qualify for the Next stage of bidding.

In the last & final stage, the Financial Bids of only those bidders, who have qualified through the above

process based on evaluation of their Technical Bids, will be opened. In case of disqualified bidders, financial

bid of disqualified bidder will not be considered for opening.

Pre-requisite condition regarding opening of financial bids submitted by insurance companies:

• Only those insurance companies that have a valid and active Memorandum of Understanding (MoU) with

the Gujarat Government Insurance Fund (GGIF) shall be eligible for opening of their financial bids.

• The MoU with GGIF must be in force on the date of opening of the financial bid as well as on 08-08-2026.

• Financial bid of insurance companies not having an active MoU with GGIF on these dates will not be opened

and considered.

Part-III Financial Bid

GMDC Ltd. reserves the rights to call overall L1 bidder in respect of policies mentioned at Sr. No 1 to

for negotiations to reduce the price to the extent policy wise lowest premium or adjustment of premium

in such a way that final premium does not exceed the total premium amount arrived after considering

policy wise L1 premium in respect of policies mentioned at Sr. No. 1 to 16. For considering overall L1

bidder, It is necessary to quote for all policies.

If overall L1 bidder is not agreeable to negotiate the price to the extent policy wise lowest premium then

GMDC reserves the Right to call any other bidder to negotiate for matching the price to the extent policy

wise lowest premium or adjustment of premium in such a way that final premium does not exceed

the total premium amount arrived after considering policy wise L1 premium in respect of policies

mentioned at Sr. No. 1 to

GMDC Ltd. reserves the right to award Individual policies to the policy wise lowest bidder or

overall lowest bidder, Which may kindly be ensured while quoting the rates. If GMDC decides to

award the various policies to policy wise L1 bidder and if more than one bidders have quoted the same

premium, then GMDC reserves the right to award policy to the bidder of having higher score in

technical bid. If more than one bidder got same score in Technical bid then GMDC reserves the right to

award policy to the bidder of having higher Market Share as on March 31, 2026. (% as per IRDAI).

Further, GMDC Ltd also reserves the right to apportion the insurance premium amongst the various

insurance companies and select the consortium leader. The decision of GMDC Ltd in this regard will be

final and binding on all insurers and in such case other consortium members will be required to match

the terms and conditions as finalized with consortium leader. The insurance companies are also

required to share their premium with Gujarat Govt. Insurance Fund as per prevailing guidelines. i.e.

20% for the proposed renewal.

In case of Motor Vehicle Insurance Policy-Comprehensive and Act only as mentioned at Sr. No.

GMDC reserves the rights to call the bidder for negotiation who has offered highest discount on OD

premium towards comprehensive policies and polices may be awarded to the bidder who will offer the

higher discount on OD premium. In case, more than one bidders have quoted the same discount on

OD premium, then GMDC reserves the right to award the Policy to bidder of having higher score in

technical bid. If more than one bidder got same score in Technical bid then GMDC reserves the

right to award policy to the bidder of having higher Market Share as on March 31, 2026. (% as per

The insurance companies are also required to share their premium with Gujarat Govt. Insurance

Fund as per prevailing guidelines.

INSTRUCTION TO BIDDERS FOR ONLINE TENDERING

Tender documents are available only in electronic format which bidders can download from the website; www.gmdcltd.com

and https://gmdc.nprocure.com

All bids (Qualification, Technical and Financial bid) should be submitted as stipulated in the tender document.

Following should be submitted physically in sealed cover as per Annexure mentioned below :

PART-I (Envelope No 1) – Qualification bid

The bid has to be submitted along with all details and documents as required in the prescribed format. The format of

qualification bid is at Annexure A.

PART-Il (Envelope No 2) – Technical bid

The bid has to be submitted along with all details and documents as required in the prescribed format. The format of

technical bid is at Annexure B, B-1, B-2, B-3 & B-4.

Qualification and Technical Bid shall be submitted physically whereas Financial Bid shall be submitted online through

https://gmdc.nprocure.com. The Bids for which the Financial Bid is submitted in hard copy / physical form shall be rejected

as non-responsive. Complete Bid shall be submitted on or before the time and date fixed for submission of Bid (“Bid Due

Date”). Bid delivered after Bid Due Date will be rejected.

Bidders who wish to participate in online tenders will have to procure / should have legally valid Digital Certificate (Class III)

as per Information Technology Act-2000, using which they can sign their electronic bids. Bidders can procure the same from

any of the license certifying Authority of India or can contact (n) code solutions- a division of GNFC Limited, who are licensed

Certifying Authority by Government of India at address mentioned below:

Financial bid should be digitally signed. For details regarding digital signature certificate and related training involved at the

below mentioned address should be contacted:

n Code Solutions (A Division of GNFC Ltd. )

403, GNFC Info tower, Bodakdev, Ahmedabad - 380054. India Sales : 079- 4000 7323 Support : 079- 4000

Email : [email protected]

For registration at nprocure website please download the registration procedure manual available from following link.

https://www.nprocure.com/html/Vendors/New%20User%20Registration_nProcur e_2013.pdf

Kindly take note that, valid Digital Signature Certificates is must for all the interested bidders. Online tendering process is

not possible without valid digital signature certificate.

Interested bidders are also requested to complete their procedure for taking digital signature certificate in respect to filling of

application form, supporting documents with necessary fees at least 3 days before last date of tender submission.

(n)code solutions reserves the rights to issue digital signature certificate after verification of application forms / supporting

documents submitted by bidder. (N) Code solutions are fully authorized to issue digital signature certificate to contractors.

All the bidders who have no facility to participate in on-line tenders are requested to contact (n) code solutions for the same.

Free vendor training camp will be organized every Saturday between 4.00 to 5.00 P.M. at (n) code solutions-A Division of

GNFC Ltd., bidders are requested to take benefit of the same (Advance Confirmation to (n) code is requested).

All the correspondence in respect to training, support or digital signature certificate should be addressed to (n) code

solutions directly on the above mentioned address.

Modification and Withdrawal of Bid :

A) Bidder shall not be able to modify any part of its Bid after the Bid Due Date & time. The Bidder

may online modify, substitute or withdraw its financial bid after submission, prior to the Bid

Due Date & time.

B) Any alteration / modification in the Bid or additional information supplied subsequent to the

Bid Due Date, unless the same has been expressly sought for by GMDC, shall be disregarded.

Rejection of the Tender

• GMDC reserves the right to reject any or all the tenders without assigning any reasons.

• Submission of false or incorrect information, history of delayed settlement of claims, reports of

unprofessional conduct, among other things, shall be sufficient grounds for disqualification in

• In case any insurance company does not fulfill the requirements as specified by GMDC,

Financial bid submitted by them shall not be opened.

Bidder’s responsibilities

• Although all details presented in this bid document have been compiled with all reasonable

care, it is bidder’s responsibility to ensure that the information provided is adequate and clearly

• Site visit for understanding of risk, “Applicable Special Features Discounts”, etc. has to be done

by bidder at its own risk and cost.

• Bidder’s quotation is the responsibility of the bidder and no relief or consideration can be given

for errors and omissions.

• Authorized representative participating in tender will be responsible for co-ordination between

their Claims team, underwriter team and Surveyor.

• The bidder ensures that Insurance premium has been quoted as per Terms and Conditions

Bid Clarification / Amendment by GMDC Ltd.

• Any clarification with regard to the bid document may be obtained from the following officer:

Smt. Anupama Iyer, CFO & G.M (Accounts) or

Smt. Shivani Desai, Sr. Manager (Finance)

• Any value additions suggested by the bidder should be provided in a separate section and

financial implications thereof should be shown separately. GMDC Ltd reserves the right to

implement such suggestions. However, for the purpose of financial evaluation, the same will not

be taken into consideration.

Currency of Bid and Payment

• Currencies for bid and payment shall be in Indian Rupees (INR) only.

Evaluation of Bids

• Evaluation of bid shall be done in three parts on following basis:-

• Evaluation of the Qualification, Technical bid would be done by GMDC, thereafter Financial bid

of only Technically qualified bidder shall be opened / considered. Technically qualified bidders

shall be informed the date of opening of Financial bids over telephone/e-mail. Hence bidders are

required to give their telephone no. and e-mail address. Further only technically qualified

bidders in this tender will be considered for submission of Financial bid in respect of wind mills

policies required during the period from 1st October 2026 to 30th September

• GMDC has right to reject any bid in part or full without assigning any reason.

• Evaluation would be done on the basis of the information/data provided by the bidders.

• GMDC may at its discretion, seek from any or all bidders clarification(s) on their bid, including

qualification bid, technical information, document and materials before finalization of tender.

• Under insurance up to 20% shall be ignored/waived off at the time of settlement of claim

for property Insurance

• The Insurer will provide reports like Investigation reports and other claim settlement

related documents.

• All policy shall be for a period of One year only. However, in the special circumstances,

GMDC may extend the policy for a period up to 3 months if required, on payment of

additional premium to be paid to the insurer on pro rata basis as per IRDAI guideline.

GMDC reserves the right to take insurance policies from any of the offices of selected bidders situated at

Ahmedabad /Gandhinagar.

The insurer selected would form a panel of surveyors for each class of business in consultation with

GMDC and surveyors shall be appointed from this panel only (should be done within a month time after

the risk placement).

List of approved TPAs in case of Mediclaim to be provided and shall be finalized with the prior approval

Waiver of Subrogation for all policies mentioned at Sr. No 01 to 17: To the extent of any insurance recovery

under any insurance policy maintained by the Successful Bidder or the Owner, the Successful Bidder and the Owner

hereby waive any right of recovery against each other. This Clause is intended to constitute a full waiver of the

insurers’ rights of subrogation. Accordingly, each Party will ensure that insurance companies will not have any right

of subrogation against the other Party.

In case of award of work to the insurance companies, they are required to issue the held Cover letter/cover note

immediately after receipt of premium and the Policy Schedule along Policy wordings are required to be submitted to

GMDC within 30 days from the date of receipt of premium. Final policy will be issued within 30 days after receipt of

comments from GMDC, if any. However, in case of Motor Vehicle Policies, the same are required to be issued within

15 days from receipt of premium.

Periodic meetings will be held in GMDC to review the insurance matters, Insurance Company will depute an

authorized senior officer to attend the meeting. GMDC may also call their consultant & minutes of the meeting shall

be recorded & signed by the authorized persons.

GMDC has all the rights to change/alter/modify/amend/add/delete the coverage/ policy terms & conditions/

Variation of sum insured etc. at the time of placement or during the currency of policy period as per the prevailing

guideline of IRDAI / GIC for all or any insurance policies and adjust premium accordingly.

In case any clause of any policy has to be added at any point of time during policy period then premium amount

shall be decided mutually. If GMDC is liable to pay additional premium then amount will be paid within 07 days

and necessary endorsements will be made in the policy within 15 days.

It may also be mentioned that these quotations are directly invited by GMDC from Insurance Companies hence no

commission/ brokerage/ other fees shall be paid to insurance broker/ advisor/ intermediary by the insurance

companies and discount in lieu of commission/ brokerage should be passed on to insurance policy of GMDC.

Execution of MOU

The signing of the Memorandum of understanding as per Annexure- D would be a precondition before

the business is placed with the insurance company.

Law governing the Contract & Court Jurisdiction

This Tender and subsequent Contract shall be governed by the Law for the time being in force in the

Republic of India. The Civil Court at Ahmedabad having ordinary Original Civil Jurisdiction shall alone

have exclusive jurisdiction in regard to all claims in respect of this Tender and subsequent Contract.

Part –I Format of Qualification Bid

Sr. No Parameters documents.

1 The insurance company should have office in Ahmedabad/Gandhinagar.

The bidder should have prior experience of providing insurance cover

(with minimum 20% share in insurance) to at least 3 PSU having

minimum average turnover of Rs. 1000 crore during the financial year

2 2022-23, 2023-24 and 2024-25 as per audited accounts.

The bidder should have positive net worth as per audited statement as on

March 31, 2026. however, PSU bidders are exempted from fulfilling this

criteria as per Govt. of India, Ministry of Finance, Dept. of Financial

Services, Govt. of India, Office Memorandum No. EG-14017/64/2020-Ins

3 II dated December 05,

The Bidder must have Reinsurance arrangements with Reinsurers having

4 minimum rating as per IRDA’s stipulated requirement of rating

The bidder should have maintained solvency ratio as per IRDA guideline,

however, PSU bidders are exempted from fulfilling this criteria as per

Govt. of India, Ministry of Finance, Dept. of Financial Services Office

5 Memorandum No. EG-14017/64/2020-InsII dated July 02,

Supporting documents duly certified by the authorized signatory in respect of all above have to be

enclosed along with Annexure-A highlighting the requirements as listed on Sr No 01 to 05 for

Qualification bid.

Part-II Format of Technical Bid

No Parameters documents.

1 Number of Years Since License given by IRDAI as on March 31,

2 Gross Total Premium underwritten within India For FY 2025-26.

3 Property Premium underwritten within India For FY 2025-26. (Including Fire&

4 Solvency Ratios as per IRDAI guidelines as on March 31,

5 Credit Rating by Rating Agencies/International & Domestic as on March

6 Property Insurance incurred Claims Ratio For FY 2025-26.

7 Market Share as on March 31, 2026. (% As per IRDAI)

8 Property Insurance Claim Settlement Ratio For FY 2025-26.

9 List & Number of PSU Clients being Serviced by you (with minimum 20% share

in Insurance) having minimum average turnover of Rs. 1000 Crore during the

financial year 2022-23, 2023-24 and 2024-25 as per audited accounts.

(Policy Document to be provided as supporting document)

10 Certified copy of audited annual accounts for FY 2025- 26/ CA certificate

showing the turnover for the FY 2025-26 as per audited accounts.

11 Declaration as regards MOU to be executed between GMDC and the selected

Insurance Co. in the prescribed format as per Annexure B-1.

12 Certificate that the rates quoted are as per the Financial bid and are with prior

approval of competent authority, in the format prescribed at Annexure B-2

13 Certificate as regards to minimum excess as per IRDA in the format prescribed

at Annexure B-3.

14 Declaration as to the correctness of details provided against Qualification bid as

per Annexure A and Technical bid as per Annexure B at Annexure B-4.

Note 1: Supporting documents in respect of above should be duly signed by authorized signatory,

highlighting the requirements as listed on Sr No 01 to 14 for Technical bid.

Note 2: Declaration/Certificate as mentioned at serial no 11 to 14 should be submitted along-with

Annexure duly stamped and signed by authorized signatory.

Declaration as regards MOU to be executed between GMDC and the selected Insurance Company

I, authorized signatory of the company hereby declare, irrevocably that in case we are

selected to provide insurance cover to GMDC, in pursuance to the tender no 1/GMDC/Insurance/2026,

we shall execute the required MOU as per Annexure D to the tender documents and shall comply with

the provisions thereof.

PLACE Authorized signatory

Certificate in respect of Financial bid

It is certified that the rates quoted by us in the Financial bid relating to the tender no.

1/GMDC/Insurance/2026 are as per Financial bid and in accordance with quotation slips and rules,

regulations stipulated by IRDAI/GIC. We also certify that rates have been quoted after taking prior

approval of competent authority i.e. RO/ZO/HO.

GMDC Ltd. reserves the right to award Individual policies to the policy wise lowest bidder or

overall lowest bidder, Which may kindly be ensured while quoting the rates.

Terms and Conditions mentioned in the tender documents are accepted unconditionally.

PLACE Authorized signatory

Certificate in respect to minimum excess

It is certified on behalf of (name of insurance company) that the rates quoted to the tender no

1/GMDC/Insurance/2026 are with minimum excess as stipulated in the erstwhile tariff/ approval

sought from IRDA in the file and use guidelines.

PLACE Authorized signatory

Declaration as to the correctness of details provided against Qualification bid as per Annexure A

and Technical bid as per Annexure B

I, authorized signatory of the company solemnly declare that the information provided by the

company with respect to Qualification bid as per Annexure A and Technical bid as per Annexure B of

the tender no. 1/GMDC/Insurance/2026 is true and correct to the best of my knowledge and belief.

PLACE Authorized signatory

Part- III Format of Financial Bid

Part A Tender No. 01/GMDC/INSURANCE/2026

Sr. Premium GST in in Rs.

No. Particulars Rs. Rs. (Figures)

Industrial All Risks Policy (IAR) for Akrimota

Thermal Power Station (ATPS)

Terrorism covered

TOTAL PREMIUM FOR IAR POLICY

Industrial All Risks Policy (IAR) for 05 MW Solar

Special Contingency Policy for Contractor Plant

3 and Machinery

4 Machinery Breakdown Policy

5 Electronic Equipment Policy

Standard Fire & Special Perils Policy (Including

6 terrorism cover)

Burglary & House Breaking Policy for mining

Special Contingency Policy Covering Dewatering

9 Commercial General Liability Insurance Policy

10 Office Package Insurance Policy

11 Group Mediclaim Insurance Policy

12 Group Personal Accident Policy

13 Commercial Crime Insurance Policy

Marine Cargo Inland and Import Transit

14 Insurance Policy

Directors and Officers Liability and Company

15 Reimbursement Policy

16 Cyber Crime Insurance Policy

Total Premium in Rs. In figures (For Sr. No 1-

Rate of discount on OD premium

Sr. No. Particulars for comprehensive policies (%)

Motor Vehicle Insurance Policy-Comprehensive and

The prices should be quoted as per coverage, terms and conditions, excess etc. as defined in

quotations slips.

Tender No. 01/GMDC/INSURANCE/2026

MEMORANDUM OF UNDERSTANDING TO BE EXECUTED BETWEEN

Gujarat Mineral Development Corporation LTD

Gujarat Mineral Development Corporation Limited, Ahmedabad (GMDC Ltd) has appointed

M/s (herein referred to as “insurer”) as sole insurer in respect of following Insurance policies.

In order to establish proper understanding and to provide efficient and satisfactory services by the

Insurer, this Memorandum of Understanding (MOU) has been signed between M/s ______________and

M/s GMDC Ltd, Ahmedabad and the parties, hereby agree as follows :-

1. The insurer will issue the held cover note immediately after receipt of premium and the

Policy wordings will be submitted to GMDC with 30 days of receipt of premium. Final policy

will be issued within 30 days after receipt of comments from GMDC, if any.

2. The insurer will issue motor vehicle polices within 15 days after receipt of premium.

3. Any amendment of the policies shall be confirmed by issuing endorsement within seven working

days of the receipt of the necessary information/premium from GMDC Ltd.

The claim procedure & condition has been defined in Quotation Slip and Insurer is liable to act

For GMDC Ltd For Insurance Company

Authorized Signatory Authorized Signatory

THE UNCONDITIONAL COMPLIANCE TO THE ABOVE WOULD BE A PREREQUISITE FOR OPENING

OF FINANCIAL BID. SUBJECTIVE/PART COMPLIANCE WILL NOT BE ENTERTAINED.

Quotation Slip - Industrial All Risks Policy (IAR) for Akrimota Thermal Power Station (ATPS)

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Mining of Minerals and Power/Electricity Generation

Policy & Location Industrial All Risks Policy for Akrimota Power Project at Village Nani Chher,

to be covered Taluka Lakhpat, District Kutch, Gujarat.

Coverage required IAR Policy

The value of assets of 2x125 MW lignite-based Power Project is Rs. 188006.12 Lakh as

per details given below: -

CIVIL CONSTRUCTION

Sum Insured PLANT & MACHINERY( INCLUDING AWAITING INSTALLATION/

ERECTED/ COMMISSIONED) (PIPING AND CABLING SHOULD

BE TAKEN AS 10% OF SUM INSURED)

OFFICE APPLIANCES, FURNITURE FIXTURES AND FITTINGS

STOCK OF SPARES, OIL, LIGNITE, DM WATER ETC, including

stocks in pipelines inside as well as outside compound

TOTAL (Material Damage)

Machinery Breakdown 90 % of P&M

Fire Loss of profit (12 Months indemnity period)

Machinery loss of profit (12 Months indemnity period)

Terrorism cover for Rs.195872.74 Lakh (AOA: AOY)

• Wordings as per Industrial All Risks Tariff

• Property description ( Machinery) – All Owned and leased/ hired equipment including

and not limited to Transmission lines/ Panels/ Transformers/ substations etc

Conditions including Plinths and foundations and cables and pipes

• Property description (Buildings) - Buildings including Plinth & Foundation, Boundary

wall & internal roads & all the Civil Structures including all pipelines (over ground /

underground / subsea pipelines inside / outside the insured premises including

pipelines for transfer of raw material and finished products & for effluent

discharge and any other structures available in the Premises under Building in Books

of Accounts either capitalized under Building in Books of Accounts or shown as CWIP

pending capitalization entry including hired/leased/rented property

• Indemnity Period in FLOP and MLOP as per financial bid.

• The rates should be quoted for the minimum possible excess allowable under

• It may be difficult to provide the copy of Purchase invoice in case of old

machineries, equipment’s, Etc. and insurance company cannot reject the claim

solely on this basis.

• All new purchased machineries or equipments will be included /procured during the

currency of policy period up to 05 % of sum insured in the premium quoted by bidder,

No specific intimation for inclusion will be shared. In case Sum insured exceeds more

than 05% than Pro rata premium will be given as per prevailing guidelines of IRDAI /

• Start-up/ Shut down expenses of Rs. 500 Lakh

• Removal of debris of Rs. 500 Lakh (Including Foreign Debris)

• Earthquake – Policy Sum Insured

• Omission to Insure/s Addition/Alteration clause up to 5% of sum insured

• Auditor’s Fees up to 500 Lakh

Add on cover • Approved Following Add on Up to Sum Insured of INR 500 Lakh FOC Basis

• Escalation clause-5%

• Immediate Repair Clause

• Fire Extinguishing/Fire Fighter

• Expenses Minor Works

• Rent for alternate accommodation.

• Architects, Surveyors and Consulting Engineers Fees

• Temporary removal of stocks

• Additional custom duty

• Waiver of underinsurance upto 15%

• Waiver of subrogation

• Claim Preparation Costs

• Expediting expenses

• Foreign experts visits cost

• Expenses incurred following flood for cleaning cost of premises

• Cost of Re-writing records clause

• Involuntary Betterment

• Capital Additions clause

• Automatic Hold cover (Properties in new locations)

• Accidental damage clause

• Employees Personal Property / Effects

• Obsolete Equipment

• Decontamination and cost of clean up

• Dewatering expenses

• Catalyst deactivation loss cover

• Impact Damage Cover as per IAR Tariff - In built

• Spontaneous Combustion Cover as per tariff - In Built Cover

• 72 Hrs Clause including lightning

• On-account payment clause

• Nominated Loss adjusters clause

• Vehicle load clause

• Metered water clause

• Un occupancy clause

• Salvage Destruction clause

• Waiver of FIR and FR for claims upto INR

• Sprinkler Up gradation Cost

• Vehicle Load Clause

• Personal Effects Clause/Property of Employees and Visitors-cover as per GIC

• Inadvertent Omissions - 10%

• Property under care custody and control

• Leakage and Overflowing of Storage Tanks (Other than water storage tanks)

• Contamination and Co-mingling of stocks

• Spoilage Material Damage Cover

• Brand, Label and Trademark Clause

• Temporary Repairs

• Loss minimizing expenses

• Catalysts and consumable interest in process

• Automatic Acquisitions / Newly Acquired

• Seasonal Enhancement of Stocks Cover

• Unoccupancy Clause

• Deliberate Damage

• Smoke damage extension

• Accidental Discharge Of Gas Flooding Systems

• Measures Taken In Avoidance Of Damage (Sue and Labour)

• Demolition and Increased Cost of Construction

• Non Invalidation Clause

• Trace and Access

• Capital Additions

• Outbuilding Clause

• Additional interests

• Damage to Underground Services

• Property Outside / Away from the premises

• Additional Increase Cost of Working

• Deliberate damage clause

• Water Damage Clause

• Smoke Damage Clause

• Appraisement Clause – INR 5 Cr ( No reference to Underinsurance upto claims of INR 5 Cr)

• Margin Clause – 5%

• Cover for transmission lines

Add on for BUSINESS INTERRUPTION

• Auditors/ Professional Fee

• Departmental clause

• Accumulated stock clause

• Alternate basis clause

• Adjustment of Sum Insured clause

• Continuous process

• Insurance on gross profit on output basis

• Indemnity Period - 12 months

• Auditors fees

• Suppliers’ extension – 20% of Sum Insured

• Customer extension – 20% of Sum Insured

• Interdependency clause on mines

• Public Utility extension

• Return of premium

• Claim preparation cost

• Accountant clause

• Additional Increased cost of working

• Terrorism Damage Cover Clause

• Removal of debris clause – Including Foreign Debris

• Start Up Expenses clause

• Earthquake (Fire & Shock) Clause

• Architect’s & consulting engineer clause as per standard terms and

conditions of IAR policy

• Material Damage Section

• Designation of Property Clause

• Reinstatement of value clause other than Stock.

• Local Authority Clause

• Agreed Bank Clause

• Earthquake, Fire & Shock risk clause - Policy Sum Insured

• Goods Held in Trust clause

• Omission to Insure additions, alterations or extensions 5% of BMA SI

• Rent for alternate accomodation

• Additional custom duty

• Claim Preparation Costs

• Fire Extinguishing / Fighting Expenses

• Immediate repair clause

• Architects, Surveyors and Consulting Engineers Fees

• Removal of Debris

• Start up / Shut down Expenses

• Cost of Re-writing records clause

• Involuntary Betterment

• Capital Additions clause

• Automatic Hold cover (Properties in new locations)

• Accidental damage clause

• Employees Personal Property / Effects

• Obsolete Equipment

• Impact Damage Cover as per IAR Tariff - In built

• Spontaneous Combustion Cover as per tariff - In Built Cover

• 72 Hrs Clause

• On-account payment clause

• Decontamination and cost of clean up clause

• Dewatering expenses clause

• Catalyst deactivation loss cover clause

• Nominated loss adjusters clause

• Alternative Basis Clause / Revenue Basis Clause

• Difference Basis Clause

• Temporary removal of stock clause

• Additional Auditor’s Clause

• Expediting Cost Clause: 500 Lakh.

• Involuntary Betterment : 500 Lakh

• Spontaneous Combustion Covered-500 Lakh

• Spoilage of Material Cover

• Additional Air freight Clause : 30% of claim amount

• Additional customs duty Clause : Rs 1000 Lakh

• Claims preparation clause : 500Lakh

• Valuable documents per occurrence 500 Lakh

• Computer data storage, software, valuables and records Clause

• Roads, Pavements & all infrastructures in relation to street all included in sum

• Loss Minimization Expenses including fire fighting expenses 5% of sum insured

subject to Max of Rs.500 Lakh

• 72 Hours cover clause covered as per AOG perils

• On Account payment

• Protection and preservation of property

• Leak search / finding clause –

• Error and omission clause

• Additional increased cost of working

• Property under care custody and control

• Waiver of Subrogation: To the extent of any insurance recovery under any

insurance policy maintained by the Successful Bidder or the Owner, the

Successful Bidder and the Owner hereby waive any right of recovery against each

other. This Clause is intended to constitute a full waiver of the insurers’ rights of

subrogation. Accordingly, each Party will ensure that insurance companies will not

have any right of subrogation against the other Party.

Period of Insurance

Claim during Last 1 Claim is under process

3 years 2023-24

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that is

Procedure positive, prompt, transparent and targets at ‘zero’ pendency status. Towards

this end, the Insurance Company will educate the GMDC Officials with respect to

procedures and documentation requirement. A joint meeting between Surveyors,

Insurance Company and GMDC will be organized on a date suggested by

GMDC for discussing the claim matter and Minutes shall be recorded. The

Insurance Company will take a weekly report from the surveyor to ensure the

success of the procedure and keep GMDC posted and copy of interim as well as

final survey report shall be submitted to GMDC immediately.

2. In case of claim, the Insurance Company shall immediately depute or authorize

the Insured to call a surveyor(s) from the approved panel by GMDC, but not

later than 48 hours of receipt of intimation from the insured.

3. The surveyor shall call for all the documents in support of claim in one go but not

in piece meal manner for expeditious settlement of claim, preferably at the time of

visit or within 3 days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his getting

5. In case, the claim is not found tenable or not settled for the claimed amount,

Insurance company will seek the comments of GMDC within a week of receiving

the survey report. The final view shall be taken within 15 days of receipt of reply.

6. In normal circumstances, the claim has to be settled within 30 days from the date

of first information, net of the time taken by GMDC for responding to

surveyor’s/Insurance Company comments.

7. On account payment of 75% to be released with 10 days of preliminary survey

report and balance amount within 15 days after submission of all documents.

In case of delay, the insurance company shall be liable to pay interest as per IRDA

8. The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

9. At the end of the year if the declared gross profit earned during the accounting

year is less than the sum insured than the company shall refund the premium as

per applicable rules within 30 days after receipt of intimation from GMDC

10. Item wise Fixed assets register/ list of assets/ Equipment list valuation report

shall not be provided to form part of the policy and shall not be insisted upon

at the time of any claim.

Quotation Slip - Industrial All Risks Policy (IAR) for 05 MW Solar Power Plant

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Mining of Minerals and Power/Electricity Generation

Policy & Location Industrial All Risks Policy for 05 MW Solar Power Plant Kutch, Gujarat.

to be covered GMDC Solar Power Plant, Near KLTPS, At- Panandhro, Ta: Lakhpat, Dis: Kutch. Pin

Coverage required IAR Policy

Excess Minimum excess for Material damage and FLOP as prescribed by IRDAI / GIC.

Sum Insured Plant and Machinery Sum insured: 5940 Lakh

Terrorism: 5940 Lakh

FLOP Sum Insured: 325 Lakh

MLOP Sum Insured: 325 Lakh

Machinery Breakdowm Sum Insured: 5940 Lakh

Burglary Sum Insured: 5940 Lakh

• Wordings as per Industrial All Risks Tariff

• Property description ( Machinery) – All Owned and leased/ hired equipment including

and not limited to Transmission lines/ Panels/ Transformers/ substations etc

Conditions including Plinths and foundations

• Buildings including Plinth & Foundation, Boundary wall & internal roads & all the

Civil Structures including all pipelines (over ground / underground / subsea pipelines

inside / outside the insured premises including pipelines for transfer of raw material

and finished products & for effluent discharge and any other structures available in

the Premises under Building in Books of Accounts either capitalized under Building in

Books of Accounts or shown as CWIP pending capitalization entry including

hired/leased/rented property.

• Indemnity Period in FLOP and MLOP as per IRDAI /GIC guideline.

• The rates should be quoted for the minimum possible excess allowable under

• It may be difficult to provide the copy of Purchase invoice in case of old

machineries, equipment’s, Etc. and insurance company cannot reject the claim

solely on this basis.

• All new purchased machineries or equipments will be included /procured during the

currency of policy period up to 05 % of sum insured in the premium quoted by bidder,

No specific intimation for inclusion will be shared. In case Sum insured exceeds more

than 05% than Pro rata premium will be given as per prevailing guidelines of IRDAI /

• Cover for transmission lines

• Start-up expenses of Rs. 500 Lakh

• Removal of debris of Rs. 500 Lakh (Including Foreign Debris)

• Earthquake – Policy Sum Insured

• Omission to Insure/s Addition/Alteration clause up to 5% of sum insured-500 Lakh

Add on cover • Auditor’s Fees up to 500 Lakh

• Approved Following Add on Up to Sum Insured of INR 500 Lakh FOC Basis

• Escalation clause-5%

• Immediate Repair Clause

• Expenses Minor Works

• Rent for alternate accommodation.

• Architects, Surveyors and Consulting Engineers Fees (In excess of 3% of claim amount)

• Temporary removal of stocks

• Additional custom duty

• Claim Preparation Costs

• Expediting expenses

• Foreign experts visits cost

• Expenses incurred following flood for cleaning cost of premises

• Fire Extinguishing / Fighting Expenses

• Immediate repair clause

• Cost of Re-writing records clause

• Involuntary Betterment

• Capital Additions clause

• Automatic Hold cover (Properties in new locations)

• Accidental damage clause

• Employees Personal Property / Effects

• Obsolete Equipment

• Decontamination and cost of clean up

• Dewatering expenses

• Catalyst deactivation loss cover

• Impact Damage Cover as per IAR Tariff - In built

• Spontaneous Combustion Cover as per tariff - In Built Cover

• 72 Hrs Clause including lightning

• On-account payment clause

• Nominated Loss adjusters clause

• Vehicle load clause

• Metered water clause

• Un occupancy clause

• Salvage Destruction clause

• Waiver of FIR and FR for claims upto INR

• Sprinkler Up gradation Cost

• Vehicle Load Clause

• Personal Effects Clause/Property of Employees and Visitors-cover as per GIC

• Inadvertent Omissions - 10%

• Property under care custody and control

• Leakage and Overflowing of Storage Tanks (Other than water storage tanks)

• Contamination and Co-mingling of stocks

• Spoilage Material Damage Cover

• Brand, Label and Trademark Clause

• Temporary Repairs

• Loss minimizing expenses

• Catalysts and consumable interest in process

• Automatic Acquisitions / Newly Acquired

• Seasonal Enhancement of Stocks Cover

• Unoccupancy Clause

• Deliberate Damage

• Smoke damage extension

• Accidental Discharge Of Gas Flooding Systems

• Measures Taken In Avoidance Of Damage (Sue and Labour)

• Demolition and Increased Cost of Construction

• Non Invalidation Clause

• Trace and Access

• Capital Additions

• Outbuilding Clause

• Additional interests

• Damage to Underground Services

• Property Outside / Away from the premises

• Additional Increase Cost of Working

• Appraisement Clause – INR 5 Cr (No reference to Underinsurance upto claims of INR 5 Cr)

• Margin Clause – 5%

Add on for BUSINESS INTERRUPTION

• Auditors/ Professional Fee

• Departmental clause

• Accumulated stock clause

• Alternate basis clause

• Adjustment of Sum Insured clause

• Continuous process

• Insurance on gross profit on output basis

• Indemnity Period - 12 months

• Auditors fees

• Suppliers extension – 20% of Sum Insured – FLEXA & AOG

• Customers extension- 20% of Sum Insured – FLEXA & AOG

• Failure of utility – 20% of Sum Insured – FLEXA & AOG

• Return of premium

• Claim preparation cost

• Accountant clause

• Additional Increased cost of working

• Inter Dependency Clause –Supply from mines and supply to mines and ither location

• Terrorism Damage Cover Clause

• Removal of debris clause – Including Foreign Debris

• Start Up / Shut Down Expenses clause

• Earthquake (Fire & Shock) Clause

• Architect’s & consulting engineer clause as per standard terms and

conditions of IAR policy

• Material Damage Section

• Designation of Property Clause

• Reinstatement of value clause other than Stock.

• Local Authority Clause

• Agreed Bank Clause

• Earthquake, Fire & Shock risk clause - Policy Sum Insured

• Goods Held in Trust clause

• Omission to Insure additions, alterations or extensions 5% of BMA SI

• Rent for alternate accomodation

• Additional custom duty

• Claim Preparation Costs

• Fire Extinguishing / Fighting Expenses

• Immediate repair clause

• Architects, Surveyors and Consulting Engineers Fees

• Cost of Re-writing records clause

• Involuntary Betterment

• Capital Additions clause

• Automatic Hold cover (Properties in new locations)

• Accidental damage clause

• Employees Personal Property / Effects

• Obsolete Equipment

• Impact Damage Cover as per IAR Tariff - In built

• Spontaneous Combustion Cover as per tariff - In Built Cover

• 72 Hrs Clause

• On-account payment clause

• Decontamination and cost of clean up clause

• Dewatering expenses clause

• Catalyst deactivation loss cover clause

• Nominated loss adjusters clause

• Alternative Basis Clause / Revenue Basis Clause

• Difference Basis Clause

• Temporary removal of stock clause

• Additional Auditor’s Clause

• Expediting Cost Clause: 500 Lakh.

• Involuntary Betterment : 500 Lakh

• Spontaneous Combustion Covered-500 Lakh

• Spoilage of Material Cover

• Additional Air freight Clause : 30% of claim amount

• Additional customs duty Clause : Rs 1000 Lakh

• Claims preparation clause : 500Lakh

• Valuable documents per occurrence 500 Lakh

• Computer data storage, software, valuables and records Clause

• Roads, Pavements & all infrastructures in relation to street all included in sum

• Loss Minimization Expenses including fire fighting expenses 5% of sum insured

subject to Max of Rs.500 Lakh

• 72 Hours cover clause covered as per AOG perils

• On Account payment

• Protection and preservation of property

• Leak search / finding clause –

• Error and omission clause

• Additional increased cost of working

• Property under care custody and control

Period of Insurance

Claim during Last Rs.13.63 Lakh

3 years 2023-24

Claim settlement 1 The Insurance Company will put in place a claim settlement procedure that is

Procedure positive, prompt, transparent and targets at ‘zero’ pendency status. Towards this

end, the Insurance Company will educate the GMDC Officials with respect to

procedures and documentation requirement. A joint meeting between Surveyors,

Insurance Company and GMDC will be organized on a date suggested by

GMDC for discussing the claim matter and Minutes shall be recorded. The

Insurance Company will take a weekly report from the surveyor to ensure the

success of the procedure and keep GMDC posted and copy of interim as well as

final survey report shall be submitted to GMDC immediately.

2 In case of claim, the Insurance Company shall immediately depute or authorize the

Insured to call a surveyor(s) from the approved panel by GMDC, but not later

than 48 hours of receipt of intimation from the insured.

3 The surveyor shall call for all the documents in support of claim in one go but not

in piece meal manner for expeditious settlement of claim, preferably at the time of

visit or within 3 days thereafter.

4 The surveyor shall send his findings to the insurer within 15 days of his getting

5 In case, the claim is not found tenable or not settled for the claimed amount,

Insurance company will seek the comments of GMDC within a week of receiving the

survey report. The final view shall be taken within 15 days of receipt of reply.

6 In normal circumstances, the claim has to be settled within 30 days from the date

of first information, net of the time taken by GMDC for responding to

surveyor’s/Insurance Company comments.

7 On account payment of 75% to be released with 10 days of preliminary survey

report and balance amount within 15 days after submission of all documents.

In case of delay, the insurance company shall be liable to pay interest as per IRDA

8 The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

9 At the end of the year if the declared gross profit earned during the accounting

year is less than the sum insured than the company shall refund the premium as

per applicable rules within 30 days after receipt of intimation from GMDC

9 Item wise Fixed assets register / list of assets/ Equipment list and valuation report

shall not be provided to form part of the policy and shall not be insisted upon at the time

of any claim. Claim will be processed on replacement value basis, if insured replace the

Quotation Slip- Special Contingency Policy for Contractor Plant and Machinery

Insured Gujarat Mineral Development Corporation Limited

Khanij Bhavan, University Ground, Nr.Manav Mandir, 132 FT Ring Road, A’bad.

Nature of business

Mining of Minerals and generation of electricity

Type of Policy Special Contingency Policy for Contractor Plant and Machinery

Locations to be

All existing and future mines/ projects of GMDC situated in the state of Gujarat

Period of Insurance 08.08.2026 to 07.08.2027

Coverage Contractor’s Plant and Machinery – All Risks

• Split of sum insured equipment wise shall not be provided to form part of the

policy and shall not be insisted upon by the insurance company at the time of

any claim and insurance company cannot reject the claim on this basis.

• Item wise list of assets/ Equipment list shall not be provided to form part of the

Conditions policy and shall not be insisted upon by the insurance company at the time of

any claim and insurance company cannot reject the claim on this basis.

• It may be difficult to provide the copy of Purchase invoice in case of old

machineries, equipments, etc and insurance company cannot reject the claim

• All new purchased machineries or equipments will be included /procured

during the currency of policy period up to 05 % of sum insured in the premium

quoted by bidder, No specific intimation for inclusion will be shared. In case

Sum insured exceeds more than 05% than Pro rata premium will be given as per

prevailing guidelines of IRDAI / GIC.

• In the event of a claim under the policy the same will not be subject to the

“Condition of Average “thereby ignoring the application of under insurance for

Special Condition each item covered in the policy and in aggregate altogether. The waiver of

the condition of average and application of under insurance shall be specifically

mentioned in the policy document.

• Earthquake Fire & Shock

• In built transit cover while any machine is being shifted from one location

• Floater risk.

Add on cover • Omission to insure/ addition during the year up to 5% of total Sum insured

• Machinery Breakdown

• Third party liabilities up to Rs 500 Lakh in each case.

• Damage to surrounding property owned by the insured Rs.500 Lakh.

• Terrorism Cover

• Impact damage cover including Subsidence and landslide

• Accidental Damage Cover

• Overturning Cover

• Escalation Clause 5%

• Clearance and removal of debris

• No depreciation to be applied for Total loss claims

• Full cover for parts subject Wear and Tear and Glass and Fragile parts

• Cover for consumables

Provisional total Sum Insured of all the mobile Equipments which are normally

Sums Insured (Rs) confined to sites Rs.20350 Lakh. No additional premium will be paid for

addition in machineries to the extent of sum insured including add on cover.

(A) Dozer, Dumpers, Excavators, Tippers, water Sprinkler,& other mining related

mobile equipment/s. It is intention of GMDC to cover all mining mobile equipment

without any exception.

It may be difficult to provide the copy of Purchase invoice and justification /

certificate of Valuation in case of old machineries, equipments, etc. and insurance

company cannot reject the claim on this basis. Item wise list of assets/

Equipments Equipment list shall not be provided to form part of the policy and shall not be

insisted upon at the time of any claim.

(B) SLOPE STABILITY RADAR SYSTEM

For Mining Industry, known high-risk areas, a targeted monitoring strategy is

needed. SSR-XT does this best by generating a small spot on the wall that is

rotated left-to-right and up-and-down – like a spotlight – to completely cover

the high-risk area. Because each spot points directly to a physical spot on the

wall, the Confidence in precisely measuring wall movements is at its highest.

Excess (per event) Minimum excess

Claim during Last 3 Nil

(A) Any one equipment – Rs. 900 Lakh Per Equipment per

Event Act of God – Rs. 9000 Lakh per Location/ sub locations

Max. Limits of claim per Event

(B) Any one Equipment Rs. 900 Lakh per Event/per location/Sub

location Any one year 900 Lakh

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that Is

Procedure positive, prompt, transparent and targets at ‘zero’ pendency Status.

Towards this end, the Insurance Company will educate the GMDC Official’s

w.r.t. procedures and documentation requirement. A joint meeting between

Surveyors, Insurance Company and GMDC will be organized on a date

suggested by GMDC for discussing the claim matter and Minutes shall be

recorded. The Insurance Company will take a weekly report from the

surveyor to ensure the success of the procedure and keep GMDC posted and

copy of interim as well as final survey report shall be submitted to GMDC

2. In case of claim, the Insurance Company shall immediately depute or

authorize the Insured to call a surveyor(s) from the approved panel by

GMDC, but not later than 48 hours of receipt of intimation from the insured.

3. The surveyor shall call for all the documents in support of claim in one go

but not in piece meal manner for expeditious settlement of claim, preferably

at the time of visit or within 3 days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his

getting documents.

5. In case, the claim is not found tenable or not settled for the claimed amount,

Insurance company will seek the comments of GMDC within a week of

receiving the survey report. The final view shall be taken within 15 days of

receipt of reply.

6. In normal circumstances, the claim has to be settled within 30 days from

the date of first information, net of the time taken by GMDC for responding to

surveyor’s/Insurance Company comments.

7. On account payment of 75% to be released within 10 days of preliminary

survey report and balance amount within 15 days after submission of all

documents. In case of delay, the Insurance Company shall be liable to pay

interest as per IRDA Guidelines.

8. The lead insurer must release the full amount of any settled claim within

seven (7) working days from the date of signing the discharge voucher.

9. Item wise Fixed assets register / list of assets/ Equipment list and

valuation report shall not be provided to form part of the policy and

shall not be insisted upon at the time of any claim. Claim will be processed

on replacement value basis, if insured replace the damage items.

Quotation Slip – Machinery Breakdown Policy

Insured Gujarat Mineral Development Corporation Limited

Address of the insured Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring

Nature of business Mining of Minerals and generation of electricity.

Locations to be covered All existing and future mines/projects of GMDC situated in the state of

Gujarat and Odisha.

Period of Insurance 08.08.2026 to 07.08.2027

Subject Matter to be DG set/ Transformer/ HT cable/ panel boards. It is intention of GMDC

covered to cover all items mentioned above without any exception.

Type of policy Machinery Breakdown policy

Sums Insured (Rs) Rs. 1500 Lakh

Third Party Liability up to Rs. 100 Lakh in each case

Add on cover Damage to the Surrounding Property Owned by Insured – Rs.

Lakh in each case

Escalation 5% of sum insured

Coverage for express freight

Coverage for Air freight

Coverage for Custom duty

Minimum excess will be considered separately for parts like Alternator,

Excess (per event) Engine, Panel Board & HT cables etc.( Basis of % subject to minimum

excess equipment category wise)

Claim during Last 3 Nil Claim.

Coverage All Risk Cover Including Electric and/or Mechanical Breakdown &

It may be difficult to provide the copy of Purchase invoice in case of

old machineries, equipments, etc and insurance company cannot

reject the claim on this basis.

Condition Item wise list of assets/ Equipment list shall not be provided to form

part of the policy and shall not be insisted upon at the time of any

All new purchased machineries or equipments will be included /procured during

the currency of policy period up to 05 % of sum insured in the premium quoted

by bidder, No specific intimation for inclusion will be shared. In case Sum

insured exceeds more than 05% than Pro rata premium will be given as per

prevailing guidelines of IRDAI / GIC.

Claim settlement The Insurance Company will put in place a claim settlement procedure

Procedure that is positive, prompt, transparent and targets at ‘zero’ pendency

status. Towards this end, the Insurance Company will educate the

GMDC Officials w.r.t. procedures and documentation requirement. A

joint meeting between Surveyors, Insurance Company and GMDC will

be organized on a date suggested by GMDC for discussing the claim

matter and Minutes shall be recorded. The Insurance Company will

take a weekly report from the surveyor to ensure the success of the

procedure and keep GMDC posted and copy of interim as well as final

survey report shall be submitted to GMDC immediately.

1. In case of claim, the Insurance Company shall immediately

depute or authorize the Insured to call a surveyor(s) from the

approved panel by GMDC, but not later than 48 hours of receipt of

intimation from the insured.

2. The surveyor shall call for all the documents in support of claim in

one go but not in piece meal manner for expeditious settlement of

claim, preferably at the time of visit or within 3 days thereafter.

3. The surveyor shall send his findings to the insurer within 15 days

of his getting documents.

4. In case, the claim is not found tenable or not settled for the claimed

amount, Insurance company will seek the comments of GMDC

within a week of receiving the survey report. The final view shall be

taken within 15 days of receipt of reply.

5. In normal circumstances, the claim has to be settled within

days from the date of first information, net of the time taken by

GMDC for responding to surveyor’s/Insurance Company comments.

6. On account payment of 75% to be released within 10 days of

preliminary survey report and balance amount within 15days after

submission of all documents In case of delay, the Insurance

Company shall be liable to pay interest as per IRDA Guidelines.

7. The lead insurer must release the full amount of any settled claim within

seven (7) working days from the date of signing the discharge voucher.

8. Item wise Fixed assets register / list of assets/ Equipment list and

valuation report shall not be provided to form part of the policy and

shall not be insisted upon at the time of any claim. Claim will be processed

on replacement value basis, if insured replace the damage items.

Quotation Slip – Electronic Equipment Policy

Nature of business activity Mining of Minerals and generation of electricity.

Locations to be covered All existing and future mines/projects of GMDC situated in the state of Gujarat and

Period of Insurance 08.08.2026 to 07.08.2027

All Electronic Items of every Description as per our records including but not limited

to Computer Systems, Printers, Solar Power System, Security Camera,

Telecommunication Items, UPS, Stabilizer(s), External data Media & Electronic

Subject Matter to be Equipments, Wi-Fi Systems.etc and all other accessories installed.

covered Burglary Insurance covering Burglary, Theft, RSMD and damage by an act of burglary

for Contents pertaining to insured’s trade.

All new purchased machineries or equipments will be included /procured during the

currency of policy period up to 05 % of sum insured in the premium quoted by bidder,

No specific intimation for inclusion will be shared. In case Sum insured exceeds more

than 05% than Pro rata premium will be given as per prevailing guidelines of IRDAI /

Type of policy Standard Electronic Equipment Policy

Sums Insured (Rs) Rs. 8800 Lakh

Add on cover As per standard terms of the policy

Omission to insure upto 5% of SI

Waiver of FIR and FR for claims upto 10 Lakh

Excess (per event) Minimum excess as per IRDAI/GIC ( Basis of % subject to minimum ____)

Claim during Last 3 years 2023-24 Nil

It may be difficult to provide the copy of Purchase invoice in case of old Equipments

Condition etc and insurance company cannot reject the claim on this basis.

Item wise list of assets/ Equipment list shall not be provided to form part of the

policy and shall not be insisted upon at the time of any claim

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that is

Procedure positive, prompt, transparent and targets at ‘zero’ pendency status. Towards this end,

the Insurance Company will educate the GMDC Officials w.r.t. procedures and

documentation requirement. A joint meeting between Surveyors, Insurance Company

and GMDC will be organized on a date suggested by GMDC for discussing the claim

matter and Minutes shall be recorded. The Insurance Company will take a weekly

report from the surveyor to ensure the success of the procedure and keep GMDC

posted and copy of interim as well as final survey report shall be submitted to GMDC

2. In case of claim, the Insurance Company shall immediately depute or authorize the

Insured to call a surveyor(s) from the approved panel by GMDC, but not later than

hours of receipt of intimation from the Insured.

3. The surveyor shall call for all the documents in support of claim in one go but

not in piece meal manner for expeditious settlement of claim, preferably at the time

of visit or within 3 days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his getting

5. In case, the claim is not found tenable or not settled for the claimed amount,

Insurance Company will seek the comments of GMDC within a week of receiving the

survey report. The final view shall be taken within 15 days of receipt of reply. 6.In

normal circumstances, the claim has to be settled within 30 days from the date of

first information, net of the time taken by GMDC for responding to

surveyor’s/Insurance Company comments.

7. On account payment of 75% to be released within 10 days of preliminary survey

report and balance amount within 15 days after submission of all documents In case

of delay, the Insurance Company shall be liable to pay interest as per IRDA Guidelines.

8. The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

9. Item wise list of assets/ Equipment list and valuation report shall not be

p r o v i d e d to form part of the policy and shall not be insisted upon at the time of

any claim. Claim will be processed on replacement value basis, if insured replace the

Quotation Slip – Standard Fire & Special Perils Policy (Including terrorism cover)

As per IRDAI Applicable Property Coverage Laghu / Sookshma / Fire

Insured Gujarat Mineral Development Corporation Limited

Address of the insured Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of business Mining of Minerals and generation of electricity

Locations to be covered All existing and future mines/Akrimota Power Project/ All Projects or sites of

GMDC and related properties situated in the state of Gujarat and Odisha.

Period of Insurance 08.08.2026 to 07.08.2027

Building, Plant & machinery, Furniture Fixtures & Fittings, Computers, Servers,

Subject Matter to printers, office equipments and all type of electronic items, Electrical

be covered Installations, Stores& Spares, Plate glass., solar power systems, Hospital labs and

school equipments etc. and all other material pertaining to insured at their

respective premises

Standard Fire and special Perils Policy including Fire, Lightning, Storm,

Type of policy Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Inundation, Riots,

Strikes, Malicious Damage, Impact Damage etc.

• Escalation 5%, of Sum Insured

• Debris Removal additional Rs. 10Lakh,

• Omission to Insure Alteration / Additions / Extension (Up to5% of Sum

• Impact Damage Due to Insured's Own Rail/Road Vehicles, Fork Lifts, Cranes,

Stackers and The Like and Articles Dropped There from. -500 Lakh

• Spontaneous Combustion Coverage – 500 Lakh

• Startup and shut down Expenses Rs.500 Lakh

• Temporary removal of stocks clause-500 Lakh

• Spoilage Material Damage Cover-500 Lakh

• Molten Material Spillage Clause-500 Lakh

• Loss Minimisation Expenses Clause- 500 Lakh

• Preparation Of Lost Records/ Computers Records, Valuable Papers & Records

• Clause/ Cost of Re writing records Clause- 500 Lakh

• Immediate Repairs Clause – 500 Lakh

• Minor Works Cover – 500 Lakh

• Fire Extinguishing/Fighting Expense-500 Lakh

• Partial Waiver Of Underinsurance – 500 Lakh

• Claim Preparation Cost- 500 Lakh

• Expediting Expenses- 500 Lakh

• Obsolete Equipment Clause- 500 Lakh

• Property under care custody and control- 500 Lakh

• Leakage and Overflowing of Storage Tanks (Other than water storage tanks) –

• Contamination and Co-mingling of stocks – 500 Lakh

• Brand, Label and Trademark Clause -500 Lakh

• On account Payment Clause

• 72 Hours Clause including Lightening

• Catalysts and consumable interest in process-500 Lakh

• Obsolete Parts / Involuntary betterment-500 Lakh

• Decontamination & Cost of Clean up expenses-500 Lakh

• Deliberate damage-500 Lakh

• Smoke Damage extension

• Capital addition

• Immediate repairs-500 Lakh

• Property away/outside of premises-500 Lakh

• Re-instatement value clause,

• Designation of property clause

• Local Authority clause,

• Startup Expenses Clause

Clauses to be attached • Omission to insure clause up to5%,

• Removal of Debris clause (In excess of 1% claim amount)-500 Lakh

• Terrorism Damage Cover,

• Escalation Clause (Up to 5% of S.I),

• Architect’s, Surveyors and Consulting Engineers Fees-500 Lakh

• Goods held in trust or on commission, Owned and or held on lease

• Earthquake Clause

Sums Insured (Rs) Rs. 45696.38 LAKH (As per the Sheet I attached.)

Excess (per event) Minimum excess

STFI, EQ& RSMTD cover Covered

Claim during Last 3 years

Year Details of Claim

2023-24 Rs.1.63 Lakh

2024-25 Rs.3.83 Lakh

It may be difficult to provide the copy of Purchase invoice in case of old

machineries, equipments, etc and insurance company cannot reject the claim on

Condition this basis. Item wise list of assets/ Equipment list shall not be provided to form

part of the policy and shall not be insisted upon at the time of any claim.

All new purchased machineries or equipments will be included /procured during

the currency of policy period up to 05 % of sum insured in the premium quoted by

bidder, No specific intimation for inclusion will be shared. In case Sum insured

exceeds more than 05% than Pro rata premium will be given as per prevailing

guidelines of IRDAI / GIC.

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that

Procedure is positive, prompt, transparent and targets at ‘zero’ pendency status.

Towards this end, the Insurance Company will educate the GMDC Officials

w.r.t. procedures and documentation requirement. A joint meeting

between Surveyors, Insurance Company and GMDC will be organized on a

date suggested by GMDC for discussing the claim matter and Minutes

shall be recorded. The Insurance Company will take a weekly report from

the surveyor to ensure the success of the procedure and keep GMDC

posted and copy of interim as well as final survey report shall be submitted

to GMDC immediately.

2. In case of claim, the Insurance Company shall immediately depute or

authorize the Insured to call a surveyor(s) from the approved panel by

GMDC, but not later than 48 hours of receipt of intimation from the

3. The surveyor shall call for all the documents in support of claim in one go

but not in piece meal manner for expeditious settlement of claim,

preferably at the time of visit or within 3 days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his

getting documents.

5. In case, the claim is not found tenable or not settled for the claimed

amount, Insurance Company will seek the comments of GMDC within a

week of receiving the survey report. The final view shall be taken within

days of receipt of reply.

6. In normal circumstances, the claim has to be settled within 30 days from

the date of first information, net of the time taken by GMDC for responding

to surveyor’s/Insurance Company comments.

7. On account payment of 75% to be released within 10 days of preliminary

survey report and balance amount within 15 days after submission of all

documents In case of delay, the Insurance Company shall be liable to pay

interest as per IRDA Guidelines.

8. The lead insurer must release the full amount of any settled claim within

seven (7) working days from the date of signing the discharge voucher.

9. Item wise Fixed assets register / list of assets/ Equipment list and

valuation report shall not be provided to form part of the policy and

shall not be insisted upon at the time of any claim.

Quotation Slip – Burglary & House Breaking Policy for mining projects

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity

Locations to be

All existing and future mines/Akrimota Power Project/ All Projects or sites of GMDC and

related properties situated in the state of Gujarat and Odisha.

Type of policy Burglary & House Breaking Floater Policy

Loss and/or damage by Burglary, House breaking, including hold-up risk, cash in safe

Coverage required

or strong room and damage caused to Premises.

Plant & machinery, Furniture Fixtures & Fittings, Computers, Servers, printers, mobiles,

Interest laptops, office equipments, Electrical Installations, Stores & Spares, Plate glass. solar

power systems & all related materials pertaining to GMDC mines at their premises etc.

Total Sum Insured Rs. 12791.96 Lakh (As per the Sheet II attached.)

Actual Sum Insured First loss basis % - 25 % of total S.I.

Minimum Excess Nilß

Claim Year Claim Details

Claim during Last

years 2023-24 Nil claim

2024-25 Nil claim

2025-26 Nil claim

Extensions • RSMD

• Goods held in trust

• Designation of property clause

• Including damage to premises in the event of burglary /attempted burglary.

• Waiver of FIR and FR for claims upto 10 Lakh.

Wordings as per Std. Burglary & House Breaking Policy and add on covers

The rates should be quoted for the minimum possible excess allowable under Std. Burglary

Machinery wise list shall not be provided.

Conditions It may be difficult to provide the copy of Purchase invoice in case of old machineries,

equipments, etc. And insurance company cannot reject the claim on this basis.

Item wise Fixed assets register/ list of assets/ Equipment list shall not be provided to form

part of the policy and shall not be insisted upon at the time of any claim.

All new purchased machineries or equipments will be included in the premium quoted by

bidder, No specific intimation for inclusion will be shared.

Period of Insurance 08.08.2026 to 07.08.2027

Claim settlement

1. The Insurance Company will put in place a claim settlement procedure that is positive,

prompt, transparent and targets at ‘zero’ pendency status. Towards this end, the Insurance

Company will educate the GMDC Officials w.r.t. procedures and documentation requirement. A

joint meeting between Surveyors, Insurance Company and GMDC will be organized on a date

suggested by GMDC for discussing the claim matter and Minutes shall be recorded. The

Insurance Company will take a weekly report from the surveyor to ensure the success of the

procedure and keep GMDC posted and copy of interim as well as final survey report shall be

submitted to GMDC immediately.

2. In case of claim, the Insurance Company shall immediately depute or authorize the Insured

to call a surveyor(s) from the approved panel by GMDC, but not later than 48 hours of receipt

of intimation from the Insured.

3. The surveyor shall call for all the documents in support of claim in one go but not in piece

meal manner for expeditious settlement of claim, preferably at the time of visit or within

days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his getting

5. In case, the claim is not found tenable or not settled for the claimed amount, Insurance

Company will seek the comments of GMDC within a week of receiving the survey report. The final

view shall be taken within 15 days of receipt of reply.

6. In normal circumstances, the claim has to be settled within 30 days from the date of first

information, net of the time taken by GMDC for responding to surveyor’s/Insurance Company

7. On account payment of 75% to be released within 10 days of preliminary survey report and

balance amount within 15 days after submission of all documents In case of delay, the Insurance

Company shall be liable to pay interest as per IRDA Guidelines.

8. The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

Quotation Slip – Special Contingency Policy Covering Dewatering Expenses

Insured Gujarat Mineral Development Corporation Limited

Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Mining of Minerals and generation of electricity.

business activity

Type of Policy Special Contingency Policy covering Dewatering Expenses

Locations to be

All existing and future mines/ projects of GMDC situated in the state of Gujarat and

Period of Insurance 08.08.2026 to 07.08.2027

Expenses incurred towards dewatering & Slush removal from any mine/ pit/ section

Coverage which are inundated partially or fully by water by whatsoever cause to recommence

mining operation or to render the mine/pit/section safe/accessible by whatever cause

including but not limited to losses arising out of rainfall, flood, inundation, earthquake

or any other act of God perils.

This policy shall indemnify the Insured for expenses incurred for dewatering operations at

Special Condition the insured site following rains above “Normal Rainfall”.

For the purposes of this, "Normal Rainfall" shall be defined as the average annual rainfall,

measured in millimetres, recorded at specific location over the most recent five (5)

consecutive years in which no insurance claims related to rainfall, flooding, or water

damage were filed under this policy or any related policies.

For the policy period – 2026-27 , the insurance company would consider the rainfall data

from 1 st January,2026 till 31 st Decemebr,2027 for admissibility of claim

Example of calculating Five claim free years is as per below information sheet forming a

part of this tender and all the participating bidders will have to accept the same.

Rainfall Assessment Clause:

This policy shall respond to loss, damage, or expenses arising out of excess rainfall only

when the actual rainfall recorded during the calendar year in which the loss occurs

exceeds the average of the normal rainfall recorded over the preceding five (5) claim-

free calendar years, based on certified data from Gujrat Mineral Development Corporation

Definition of Rainfall Period

For the purpose of determining excess rainfall, the total quantum of rainfall shall be

measured from January 1st of the relevant calendar year up to the date of the loss

event and till the last day of rainfall.

Example – Rainfall Assessment for Claim Eligibility

Let’s assume the following historical rainfall data for the past five claim-free calendar

Year Annual Rainfall (in mm)

Now, in 2026, a claim is submitted under the policy due to excess rainfall.

• Total rainfall recorded in 2026 (Jan–Dec): 1180 mm

• Average of last 5 claim-free years (2021–2025): 888 mm

Since 2026's rainfall (1180 mm) exceeds the 5-year normal average (888 mm), the policy

condition is met, and the policy is triggered.

Furthermore, for determining the excess rainfall, the entire quantum from January 1 till

31st December,2026 would be taken into account.

If there are claims in 2021, 2022 and 2024, those years cannot be included in calculating

the 5-year average for "normal" rainfall, since the clause specifically refers to claim-free

Example – With Claims in 2021, 2022, and

Let’s assume the following rainfall data:

Year Annual Rainfall (in mm) Claim Status

2018 860 mm Claim-Free

2019 900 mm Claim-Free

2020 875 mm Claim-Free

2021 1150 mm Claim Year

2022 1210 mm Claim Year

2023 870 mm Claim-Free

2024 1420 mm Claim Year

2025 890 mm Claim-Free

To get 5 claim-free years, the relevant years for calculating the average would be:

Average of these 5 claim-free years: 879mm

Now if 2026 receives 1180 mm of rainfall, the policy will be triggered, as 1180 mm >

Dewatering quantity of only claim period will be provided.

In case of previous 5 calendar year rainfall data is not available due to new opening of mine

than 5 years data from nearest mine or nearest department will be provided by GMDC and

Rainfall data certified from GMDC will be considered to determine excess rainfall as

mentioned above in examples.

Sums Insured (Rs) Rs. 1200Lakh

Excess (per flood One excess of Rs.50,000 is to be applicable irrespective of no of rainfalls and no of floods

event) per calendar year

Claim during Last

years Year Details of Claim

3 Claims are under process.

Rs. 30.08 Lakh & 1 Claims are under process.

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that is

Procedure positive, prompt, transparent and targets at ‘zero’ pendency status. Towards this

end, the Insurance Company will educate the GMDC Officials w.r.t. procedures and

documentation requirement. A joint meeting between Surveyors, Insurance

Company and GMDC will be organized on a date suggested by GMDC for discussing

the claim matter and Minutes shall be recorded. The Insurance Company will take

a weekly report from the surveyor to ensure the success of the procedure and keep

GMDC posted and copy of interim as well as final survey report shall be submitted

to GMDC immediately.

2. In case of claim, the Insurance Company shall immediately depute or authorize the

Insured to call a surveyor(s) from the approved panel by GMDC, but not later than

48 hours of receipt of intimation from the insured.

3. The surveyor shall call for all the documents in support of claim in one go but not

in piece meal manner for expeditious settlement of claim, preferably at the time

of visit or within 3 days thereafter.

4. The surveyor shall send his findings to the insurer within 15 days of his getting

5. In case, the claim is not found tenable or not settled for the claimed amount,

Insurance Company will seek the comments of GMDC within a week of receiving the

survey report. The final view shall be taken within 15 days of receipt of reply.

6. In normal circumstances, the claim has to be settled within 30 days from the

date of first information, net of the time taken by GMDC for responding to

surveyor’s/Insurance Company comments.

7. On account payment of 75% to be released within 10 days of preliminary survey

report and balance amount within 15 days after submission of all Document. In

case of delay, the Insurance Company shall be liable to pay Interest as per IRDA

8. The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

Quotation Slip - Commercial General Liability Insurance Policy

Insured Gujarat Mineral Development Corporation Limited

Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity.

Policy Type Commercial General Liability Insurance policy

All mining projects , power plant, residence colonies, guest house & any other

establishments of gmdc situated in the state of Gujarat and Odisha. – present and new

one during the course of policy wherever gmdc has insurable interest or can be held

Coverage A Bodily injury (fatal/non-fatal), disease and damage to property of third

parties due to various business exposures such as those arising

from Premises, Products and Complete Operations.

All costs, fees and expenses incurred in the defence and settlement of

any claim against the Insured, legal liability for damages to the third

parties in respect of accidental death, bodily injury or disease or loss

or damage to property arising from the Insured’s performance of

activities in the course of business applicable to claims first made

against the Insured during the policy period.

Coverage B Personal and Advertising Injury

Liability Coverage C Medical Payments

Coverage D Fire Damage

All coverage mentioned in the schedule of the policy should have the appropriate wording

attached to the policy document, duly signed by the Authorized Signatory.

Any One Accident Rs. 5000 Lakh Any One Year Rs.10000 Lakh Irrespective number of

Limits accident.

Excess (Per event) Minimum excess as per IRDA

Estimated Annual For year 25-26 India–INR 265338 Lakh

Turnover For year 26-27 India–INR 456500 Lakh (Projected)

Jurisdiction India

Territorial Limits Anywhere in worldwide

• Project locations anywhere in world

• Duty to defend form

• Carve Back for Dismantling & Fitting Costs

• Advertising and Personal Injury Cover: Full Limits

• Fire Damage Extension Clause

• Medical Payments Extension Clause

• Terrorism Legal Liability (India Only): Full Limits

• Property under Care, Custody and Control Cover

• Travelling Business Executives Worldwide Cover

• Non Owned and Hired Automobile Liability Cover (Worldwide Cover)

Extensions • Sudden and accidental wording preferred to 72 hours clause with clean-up costs :

• Vendor Extension on an unnamed Basis

• Technical Collaborator Extension

• Storage, Tank and Transmission line cover is needed.

• Policy covers legal liability for BI/PD arising out of Employee engagement,

Marketing and promotional activities conducted by the insured during the policy

period as per policy at all location owned or rented by the insured

• Incidental Medical Malpractices Cover

• Cover for bodily injury to the employees of the Principal and/or their Contractor

and/or their Sub-Contractors

• Vicarious Liability for injuries to leased/ sub contracted workers/ employees

• Waiver of Subrogation; where required by written contract

• This policy will be primary and non-contributory covering all activities and

projects undertaken

• Cross Liability Cover

• Definition of BI – to include mental anguish, shock or emotional distress

• Mitigation Expenses Cover

• Extended Reporting period – Free for 90 days

• Non Cancellation Clause – The policy should be non-cancellable except in case

of non-payment of premium

• Effluent discharge for 15 kms from the plant premises

• Tenant's Legal Liability

• Valet Keeper's Legal Liability and Garage Keeper’s Liability

• No exclusion for Principal’s surrounding property cover

• Consolidation of Deductibles Clause

• Cover for Criminal Proceedings until final adjudication under the definition of Suit.

• Act of God Peril coverage

• Control Group Clause

• Food and Beverage Coverage

• Project related exposure coverage to include renovation, interior alterations to existing

building, repairs and refurbishment

• Additional insured where required by written contract

• Claim Series Endorsement

• Transportation Liability

• Crisis Management Cover

• Event Liability

• Emergency Costs

• Automatic Acquisition of Subsidiaries

Claim during Last

Claim settlement

In case of claim the Insurance Company will assist GMDC to defend our interest

The lead insurer must release the full amount of any settled claim within seven (7)

working days from the date of signing the discharge voucher.

Quotation Slip – Office Package Insurance Policy

Coverage as per Laghu / Sookshma udhyam Suraksha

(For Corporate office at ahmedabad & Delhi & Bhubaneswar)

Insured Gujarat Mineral Development Corporation Limited

1.Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

2.Third floor, A6, Gujarat state emporium building, Baba kharak singh marg, New Delhi.

3. 5th Floor, Fortune Tower Chanra sekharpur, Bhubaneswar, Khordha Odisha,

4. 8, Mill Officers Colony Behind La Gajjar Chamber Ashram Road Ahmedabad-380009

All existing and future Offices of GMDC situated in the state of Gujarat and Odisha.

Mining of Minerals and generation of electricity.

business activity

Type of Policy Office Umbrella/ Package Policy

Period of Insurance 08.08.2026 to 07.08.2027

Particulars (Rs. in Lakh)

Burglary Insurance

Electronic Equipment Insurance

Cover required All Risk ( inc Elect/ MB) 2200 (All Sites of GMDC)

Baggage 20 (per person)

Machinery Breakdown

Neon Sign Fittings boards /Fixed Glass/Sanitary

• It may be difficult to provide the copy of Purchase invoice in case of old Machineries, equipments,

etc. And insurance company cannot reject the claim on this basis. Further, it may also be

clarified that the above mentioned sum insured is summation of all the office Location. Location-

wise bifurcation of Sum Insured is not available.

• It is intention of GMDC to cover all items mentioned above without any exception. GMDC would

Condition not be providing list of individual equipments.

• Addition of any items under any section during the policy period will be automatically cover

without any exceptions up to the value of Sum Insured

• Omission to insure up to 5% of sum insured.

• Item wise list of assets/ Equipment list shall not be provided to form part of the policy and

shall not be insisted upon at the time of any claim

• All new purchased machineries or equipments will be included /procured during the currency of

policy period up to 05 % of sum insured in the premium quoted by bidder, No specific intimation

for inclusion will be shared. In case Sum insured exceeds more than 05% than Pro rata premium

will be given as per prevailing guidelines of IRDAI / GIC.

• Fire policy covering Fire, Earthquake, Terrorism for Building and contents

• Burglary Insurance covering Burglary, Theft, RSMD and damage by an act of burglary for

Contents pertaining to insured’s trade.

• Electronic Equipment policy covering, EPABX, computers, printers, Fax, Television, Video

Conferencing system etc. including both system and operating software’s and ERP system. (Cost

of Reinstatement of data and programmed)

• All Risk for Laptops\Mobiles\ Digital Cameras (worldwide cover with electrical and mechanical

breakdown) and Projectors, VCD System, Solar Power System and other related items.

• Machinery Breakdown for All Electrical & Mechanical Machinery including DG Sets

• Fire- Additional Rent for Alternate clause up to Rs. 10 Lakh Per Month for 24 Months

• Loss of Rent clause up to Rs.10 Lakh per month for 24 months

• Re instatement value clause

• Terrorism Clause,

• Earth quake clause,

• Omission to insure/ addition during the policy period – up to limit of 5% of sum insured

• Burglary cover including RSMD & Theft

Minimum excess as per standard office package policy

Nil claims during last 3 years

Claim settlement 1. The Insurance Company will put in place a claim settlement procedure that is positive,

Procedure prompt, transparent and targets at ‘zero’ pendency status. Towards this end, the Insurance

Company will educate the GMDC Officials w.r.t. procedures and documentation requirement.

A joint meeting between Surveyors, Insurance Company and GMDC will be organized on a

date suggested by GMDC for discussing the claim matter and Minutes shall be recorded.

The Insurance Company will take a weekly report from the surveyor to ensure the success

of the procedure and keep GMDC posted and copy of interim as well as final survey report

shall be submitted to GMDC immediately.

2 In case of claim, the Insurance Company shall immediately depute or authorize the

Insured to call a surveyor(s) from the approved panel by GMDC, but not later than

hours of receipt of intimation from the Insured.

3 The surveyor shall call for all the documents in support of claim in one go but not in piece

meal manner for expeditious settlement of claim, preferably at the time of visit or within

days thereafter.

4 The surveyor shall send his findings to the insurer within 15 days of his getting documents.

5 In case, the claim is not found tenable or not settled for the claimed amount, Insurance

Company will seek the comments of GMDC within a week of receiving the survey report. The

final view shall be taken within 15 days of receipt of reply.

6 In normal circumstances, the claim has to be settled within 30 days from the date of first

information, net of the time taken by GMDC for responding to surveyor’s/Insurance

Company comments.

7 On account payment of 75% to be released within 10 days of preliminary survey report and

balance amount within 15 days after submission of all documents In case of delay, the

Insurance Company shall be liable to pay interest as per IRDA Guidelines.

8 The lead insurer must release the full amount of any settled claim within seven (7) working

days from the date of signing the discharge voucher.

9 Item wise Fixed assets register / list of assets/ Equipment list and valuation report shall

not be provided to form part of the policy and shall not be insisted upon at the time of any

Quotation Slip - Group Mediclaim Insurance Policy

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Mining of Minerals and generation of electricity

Policy Group Mediclaim Policy

Interests Employee, Spouse and two Dependent Children up to 25 years of age

• Rs. 5.00 Lakh Floater Sum insured floating over all the 4 family members without sub

sect limit like room rent, consultation charges, nursing care charges, Medicine Charges

• Rs. 30000/- towards OPD claims in addition to above (Family will consists of Employee,

Spouse and two Dependent Children up to 25 years of age)

Tailor made Group Mediclaim Policy including Domiciliary treatment benefit including OPD

for above mentioned sum insured for all family members. Policy Covering OPD or IPD

expenses in any clinic/hospital on Ayurvedic, Homeopathic, Unani Treatment,

Naturopathy, Physiotherapy and Dental Treatment.

Maternity – Normal R s. 50000 and C Section Rs.70000 on IPD Basis

Pre-Post Maternity / Natal expenses payable on OPD basis other than

maternity limit.

IVF Treatment –Rs. 100000 on IPD Basis.

30 days and 1 and 2 year exclusion waived

Pre-existing disease covered from day one (for new employees joined during the policy period

All time bound exclusion to be

Conditions waived Pre & post 30 & 90 days

No Copayment, All day care treatments to be covered up to the limit of Sum Insured.

Hospital daily cash benefit covered from day one of hospitalization

(Sickness/ICU/Accidental) No disease wise capping

Expenses towards the pharmacy/medicines supplied by the hospital to be covered other

then the medicine purchased from allopathic / unani / Ayurvedic / homeopathic medical

Inclusion of AYUSH Treatment in a Govt Hospital or in any institute recognized by Govt and

or accredited by Quality Council of India or National Accreditation Board on Health.

All Critical illness to be

Terrorism Covered

Ambulance cover up to Rs. 10000/-

Road Traffic Accident cover even without 24 hour of hospitalization

Midterm inclusion anytime during the policy.

New baby cover from day one.

In OPD base claim all charges should be paid including health check up charges,

generic medicines and vitamin related charges Covered without want of original reports.

In case of hospitalization the Insurance company is required to make cashless

arrangements for 100% amount of treatment with reputed hospitals.

All other terms and conditions as per expiring policies

Documents of Rejected claims should be returned to GMDC within 7 days of rejection

without any mails or conversation.

Multifocal and Bi-focal Lens covered ALL TYPE OF IOL/LENS PAYABLE - NO CAPPING

Intimation and file submission waiver

All OPD claims and /or up to Rs.30000 will be settled on scan copies only, no hard copy of

medical documents will be provided, and insurance company cannot insist upon.

Cross Pathy consultation charges and medicines are payable

Reasonable customary charges deduction is not applicable

Congenital external payable- CIRCUMCISION IN DISEASE CONDITION / LIFE THREATENING

Employee details

Total Number of Employees – Approx.1300

Number of employees may differ from time to time due to joining, resignation, retirement,

Note removal and death etc. Any new employees and his/her family will be included

automatically at the time of joining and detail shall be provided in due course. Additional

10% employees will be covered from the date of Joining in the premium paid at the

inception of the policy.

GMC Policy for Retired Employees: GMDC intends to include retired employees and

their spouse under GMC policy as the proposal for the same is under review. In such

case the additional 10% employees will be covered and same will also include retired

employees. If employees and retired employees will be more than 1300 then pro rata

premium will be paid for additional employees and retired employees as per IRDA /GIC

guidelines. The premium for the year for one employee/ retired employee will be

calculated as under;

Total premium finalized/ 1300 = Premium for one employee.

Premium for one employee will be multiplied by additional manpower for arriving the

additional premium in case total employees (Including retired) exceed 1300 Number.

However pro rata premium for part of year will be calculated as per IRDA / GIC

In addition to the regular / contracutual employees of GMDC, the employees of associated

entities, including but not limited to Trusts, Joint Venture (JV) entities, and Subsidiary

companies, shall be covered under the Group Mediclaim Insurance Policy.

Corporate Buffer Corporate Buffer usage will be at discretion of GMDC management and eligible for all illnesses

covered under the policy.

If the SI limit gets exhausted, then Corporate Buffer (CB) can be utilized for any purpose /

any Illness, disease, injuries treatment and there is no restriction for utilize of CB. Total Sum

Insured for CB is Rs. 75 Lakhs.

Midterm revision should be allowed (Additional option to top-up/replenish the corporate

buffer must be available to GMDC along with reinstatement clause)

Authority for allocating CB should be with GMDC. Corporate Buffer (CB) of Rs. 75 Lakhs. for

reimbursing medical expenses of employees who have exceeded their individual limits.

There is no capped for Critical / Life Threatening illness/Injuries Coverage’s and there is no

restriction for utilization of corporate buffers up to the above-mentioned limit. There is no

restriction for utilization of corporate buffer for any Illness, disease, injuries treatment or

Minimum 24 hr hospitalization is not required.

Claim during last

years Year Details of Claim

2023-24 Rs. 310 Lakh

2024-25 Rs. 298 Lakh

Rs. 220 Lakh till date

Claim settlement A claim settlement procedure shall be documented by GMDC at the time of signing of

Procedure MoU and insurance company and its TPA will act accordingly. The Insurance company

shall be liable to settle the claim within 15 days after submission of documents and in case

of the delay the reasons has to be informed to GMDC. If reasons are not found justified then

the Insurance company shall be liable to pay interest as per latest IRDA notification.

Delay in submission/intimation of claim should not be the reason for repudiation of claim

and no reason should be asked for the same. All such claims must be payable and TPA

should be informed for the same.

Delay in submission of IPD base claim documents post 30 days should be processed without

asking for the reason of waiver.

Hospitalization recommended by Register Medical Practitioner is to be treated as final and

claim has to be paid accordingly.

Insurance company will not insist to submit OPD/IPD claims in one go and employee

may submit claim in parts within total prescribed limit.

Payment in Bulk will be released in favor of GMDC along with employee wise details stating

amount claimed, amount passed, amount rejected with reason of rejections. In case GMDC

is not satisfied then claim will be resubmitted for reexamination along with opinion of

GMDC’s consultant.

Insurance company must appoint external TPAs as decided by GMDC Ltd.

Quotation Slip - Group Personal Accident Policy

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity

Sum Insured will be 24 + 48 = 72 times the gross monthly salary (Basic +

Sum Insured DA+ Special pay (if any))

TOTAL SUM INSURED – Rs.85000 Lakh

Total Number of Employees – Approx.1300

Coverage Personal Accident Coverage Worldwide Basis 24*7

Table III - Death + PTD + PPD + TTD (with weekly Compensation) (For Sum

Insured up to 24 times the monthly salary) – TOTAL SUM INSURED – Rs.

25000Lakh and the balance Sum Insured under Table II i.e. Death + PTD +

PPD (48 month’s salary) – Rs.45000 Lakh

TTD - Rs. 1% of CSI subject to Maximum of Rs. 50,000/- per week for

Conditions maximum 100 weeks

Medical expenses should be payable even if claim is not payable under TTD.

Terrorism Covered.

Additional Medical Expenses: Fixed INR 60000 or actual claims as in patient

hospitalization (24 Hours hospitalization is required) whichever is lower per

Fixed INR 30000 or actual claims, whichever is lower per accident.

All employees of GMDC including drivers are included in the policy.

Children Education Fund of INR 25000 in case of death.

Intimation waiver

Claim settlement The Insurance company shall be liable to settle the claim within 15 days after

Procedure submission of documents and in case of the delay the reasons has to be

informed to GMDC. If reasons are not found justified then the Insurance

company shall be liable to pay interest as per latest IRDA notification.

Number of employees may differ from time to time due to joining, resignation,

retirement, removal, and death etc. Any new employees and his/her family will be

included automatically at the time of joining and detail shall be provided in due

Note course. Additional 10% employees will be covered from date of Joining in the

premium paid at the inception of the policy and no additional premium will

Policy should be issued on unnamed basis

Claim Year Details of claim.

Claim during Last

years 2023-24 Rs. 34.00 Lakh

Quotation Slip – Commercial Crime Insurance Policy

INSURED Gujarat Mineral Development Corporation Limited

INSURED ADDRESS Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring

BUSINESS Mining of Minerals and generation of electricity

FORM Crime Insurance – Discovery Form

LIMIT OF INDEMNITY INR each claim and in aggregate. (Tie- in with

(each and every claim)

TERRITORY Worldwide

JURISDICTION Worldwide

COVERAGE • Employee Dishonesty Computer fraud extension by employee/ third

part/ or in collusion– Full Limits

• Forgery or Alteration

• Stock, Money & Securities: Damage, Destruction or Disappearance

Care, Custody and Control

• On Premise Theft

• In Transit Theft

• Counterfeit Currency Fraud – Full Limits

• Forensic cost

• New entities covered -25%

• Automatic coverages for new entities during the policy period

• Funds Transfer Fraud coverage – Full Limits

• Credit Card Fraud coverage – Full Limits

• Investigation Cost

• Audit Fees extension

• Legal Expenses –Full Limits

• Care, Custody and Control

• Data/Program reinstating cost

• Cost of recovery

• Interest Receivables or payable

• Deletion of Identifiable Employee Requirement

• Social Engineering Fraud/ Fake Presidents Fraud

Third Party Crime extension

• Legal liabilities extension including IT Criminal Act/ Computer

• Emergency cost advancement

• Expectation Damages

• Additional Costs

• Control Group Clause

• Extended Reporting Period – 90 Days

• Auto acquisition clause (25% of revenue size)

• Court attendance fees

• Employee definition amended to include but not limited to

contractor, sub contractor, interns and project trainees

• Violent or forcible theft of property coverage

• Waiver of Mandatory police report

• Policy not to be cancelled except for non-payment of premium

• Control group clause

• Extended reporting period – 90 days

• Court attendance costs

• Additional costs cover – INR 10 crores in aggregate

• Cover for expectation damages

• Cover Mitigation costs .

• Tie – In Limit Endorsement between Cyber and Crime Policy

• Coverage for Insured Legal Liability and Legal Expenses

• Waiver of Principal Intent.

• Internal and External Extortion

• Cyber Extortion

• No Major Shareholders’ Exclusion

Expenses to be covered as follows:

• Additional Costs

• Mitigation Costs

• Fees and Expenses

• Data Reconstitution Costs

• Loss Investigation Costs

• Court Attendance Costs

• Interest receivable and payable

• Forensic / Investigative Costs

Wide definition of Employee including consultants, seconded employees,

outsourced employees, trustee, fiduciary, administrator or officer of any

UNDERWRITING Since past 10 years – GMDC having Fidelity (Floater) Insurance

INFORMATION Policy.

In lieu of Fidelity (Floater) Insurance Policy there was no claim in

Fidelity (Floater) Insurance Policy.

All additional cover upto full policy limits and no sub limits

The insurance company will nominate an officer immediately to assist

GMDC for completion of the formalities after receipt of information of

claim. If claim amount is more than Rs. 10 lakh then 75% of the claim

amount has to be paid within 7 days otherwise the insurance company

shall be liable to settle the claim within 15 days after submission of

Claim settlement Procedure documents. In case of delay the reasons has to be informed to GMDC and

if reasons are not found justified then the Insurance company shall be

liable to pay interest as per latest IRDA notification.

Every insurer is required to declare the empanelled list of surveyor

and breach response consultants.

The lead insurer must release the full amount of any settled claim

within seven (7) working days from the date of signing the discharge

Quotation Slip – Marine Cargo Inland and Import Transit Insurance Policy

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity

Open Policy – Warehouse to

Warehouse Anywhere in World to

anywhere in World

Limit per transit – Rs.400 Lakh Limit per location Rs. 800 Lakh

Sum Insured Estimated Annual Sending Rs.

Lakh Basis of Valuation – CIF + 10%

Description of goods

Equipment/Machinery/Spares, etc. for Offices, Mining activities and Power Plant

Nature of packing

used Customary packing/Standard packing

Mode of Conveyance Rail/Road/Air/Sea/post /courier or any other mode of Transport

• Inland Transit (Rail/Road) Clause A

• Institute Cargo Clauses (Air Cargo)

• Institute Cargo Clause (A)

Type of Cover • Strike, Riot and Civil commotion Clause

• Institute War Clause

• Loading and unloading

• Intermediate storage Clause (60 Days)

• Concealment Damage Clause (30) Days,

• Over Dimensional Cargo Covered with prior Intimation

Claim during Last

Nil claims for the Last 3 years

Excess Nil Excess

Claim settlement The Insurance company shall be liable to settle the claim within 15 days after

Procedure submission of documents and in case of the delay the reasons has to be

informed to GMDC. If reasons are not found justified, then the Insurance

company shall be liable to pay interest as per latest IRDA notification.

The lead insurer must release the full amount of any settled claim within seven

(7) working days from the date of signing the discharge voucher.

Adjustment of Premium as per applicable rules will be paid by GMDC in case of increase in sum

premium insured and refund will be given by the insurance company for unutilized portion

of sum insured.

Quotation Slip – Directors and Officers Liability and Company Reimbursement Policy

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity

Policy Limit INR 2500 Lakh each claim and in aggregate

Form Of Ownership

(Public /Private Others)

Legal liability of Directors & Officials ( including on contract) of the Insured

Interest Insured arising out of any claims first made against the Director or Officials( including on

contract) during the period of insurance by reason of any Wrongful Act

whenever or wherever committed or alleged to have been committed.

Geographical Area

Claim during Last

Nil claims for the Last 3 years

Sec A : Director & Officer's Reimbursement:

Sec B : Company Reimbursement : Rs.

• Defense Cost Included within Limit of Liability

• Entity security cover for full limits

• Entity EPL extension for INR 1000 Lakh

• Pollution Exclusion carved back for defense cost and shareholder

derivative claims

• Pollution defense costs for full limits

• Shareholder pollution action

• Crisis Communication Cover

• Outside Directorship Cover

• No Bump up Exclusion

• New automatic subsidiaries/associates Cover – 25%

• No terrorism / war exclusion

Extensions • No insolvency exclusion

• Discovery period for Retired Directors / Officers—Lifetime

• Emergency costs cover

• Severability clause

• Assets and Liberty costs cover including cover for Bail bond and Civil Bond

expenses /Prosecution Expenses

• Advancement of Defense Cost

• Insured vs. Insured Defense Cost

• Non Rescindable clause

• Investigation Cost

• Major Share holder exclusion – 25%

• No Hammer clause

• Occupational Health & Safety Defence Cost – 25% of Policy Limit

• Run-off for Retired Directors – lifetime

• Interpretive Counsel Covered for full limit

• Kidnap Ransom Cost

• Insured person to include Trustees of any Employment Benefits Plan

• Cover for Liability under Foreign Corrupt Practices Act, UK Bribery Act or

any similar legislation in any other jurisdiction

• Cover for Liability under Foreign Corrupt Practices Act, UK Bribery Act or

any similar legislation in any other jurisdiction

• Cover for Civil Fines & Penalties were not uninsurable by law

• Cover for Exemplary and Punitive Damages

• Amended definition of Subsidiary to include any joint venture or entity over

which the Insured directly or indirectly exercises effective management

control including Limited Liability Partnerships

• Tax Liability Extension

• Extradition Proceedings (Extradition not to be linked to a Wrongful Act)

• Professional Indemnity Exclusion with carve-back providing cover for

failure to supervise

• Spousal Liability and Heirs and Representatives extension

• Official Investigation and Enquiries Costs

• Policy to be Non-Rescindable (except for non-payment of Premium)

• Bodily Injury and PD Defence costs covered

• Waiver Retention Clause

• Self-Reporting Expense Coverage

• No Money Laundering Exclusion

• Prospectus Exclusion amended to allow cover for private placement

• Conduct exclusion to have final Non-appealable language and removal of

“written admission by the Insured” language

• Cover for Committee Members formed as per statute who are not Directors

or Officers of the Policyholder – including POSH

• Mitigation costs

• Primary and Non-contributory Cover

• Dedicated Additional Limit of Liability for Directors or Officers

• Future offering of securities with carve back for Private Placement

• Counselling Services

• Prosecution and Reputation Protection Cost

• Extended Reporting Period – 90 Days

• Public Relations Expenses

• Control Group clause

• Non-Cancellation clause

• Amended definition of Insured Person

• ‘Insured Person’ Definition Amended to Include A Member Of A Committee

Established By Or Approved By The Board Of Directors of the Organization

Whether Under Statute Or Otherwise

• Crisis Management Cover

• Corporate Manslaughter Defence Cost

• Regulatory Crisis Response cost

• Legal Representation Cost

the company Since

been in business

Claim settlement In case of claim the Insurance Company will assist GMDC to defend our

Procedure interest properly. Prior approval of GMDC is must before appointing advocate

/consultant / lawyers.

The lead insurer must release the full amount of any settled claim within seven

(7) working days from the date of signing the discharge voucher.

Additional Information Pls visit the company’s website : www.gmdcltd.com

Quotation Slip– Cyber Crime Insurance Policy

INSURED/Policy Holder

Gujarat Mineral Development Corporation Limited

Communication Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road,

Company Profile /

All activities of the Insured now; in the past including their predecessors in

Business Description

business and prior activities which have ceased or have been disposed of to the

extent the Insured retains a legal liability; and in the future; principally

including but not limited to - Mining of Minerals and generation of electricity

Policy Type Cyber Insurance – Claims Made Form

LIMIT OF INDEMNITY INR 500000000 each claim and in aggregate (Tie- in with

DEDUCTIBLE Minimum excess as per IRDAI/GIC 100000 INR

(each and every claim) Business Interruption – Waiting Hours – 06 Hours

RETROACTIVE DATE As per expiring Policy

TERRITORY Worldwide Including USA/ Canada

JURISDICTION Worldwide

Interest Insured Indemnify the insured for those sums which the insured, as a result of

conducting the insured profession will become legally liable to pay as damages

including but not limited to for loss caused by breach of personal

information/breach of corporate information, network security breach.

Indemnify the insured for reputation and response cost including forensic cost.

Defence costs are included within the limit of liability.

Policy New/ Renewal Renewal

COVERAGE As per terms and conditions, extensions and exclusions of the standard Cyber

policy form including but not limited to the following extensions/ endorsements:

• Business Interruptions with full limit and no sub limit

• Employee Dishonesty

• Defence cost including in the limit of liability

• Automatic cover for subsidiaries

• Notice of Claim / Circumstance upon Knowledge of the Control Group

• Extended Reporting period (90 days)

• Policy not to be cancelled except for non-payment of premium

• Dishonest act/criminal breach of law by insured covered until final

• Cyber Terrorism

• Court Attendance Cost/Fees

• E Threat Loss

• E Vandalism Loss

• Privacy Notification expenses

• Crisis Expenses

• Reward Expenses

• Disclosure Liability

• Disclosure liability to include Corporate information

• Reputational Liability

• Content Liability

• Outsourcer Liability

• Conduit Liability

• Impaired Access Liability

• Regulatory Action Defense Cost

• Credit Monitoring Covered under Privacy Notification Expenses

• Definition of Loss to Include Civil Fines and Penalties, wherever

Insurable by law

• E Business Interruption and Extra Expenses

• Proactive Forensic Services

• Crisis Expenses to include Public Relations for Insured

• Professional fees for advice and representation of Regulatory

• E-Communication

• Emergency costs for Crisis Expenses without Insurers prior written

consent cover- 96 hours-Full limit

• Auto cover for newly acquired subsidiaries -25%

• Notice of claim / circumstance upon knowledge of the control group

• Extended reporting period – 90 days

• Dishonest acts of employees

• Policy not to be cancelled except for non-payment of premium

• Policy to operate on ‘Primary’ and ‘Non-Contributory’ basis

• Control group clause

• Exclusion B1 of Exclusions Applicable to Insuring clause 1A to 1E

• Tie – In Limit Endorsement between Cyber and Crime Policy

• All additional cover upto full policy limits and no sub limits

Third Party Losses including, but not limited to:

• All additional cover upto full policy limits and no sub limits

• Security and/ or Privacy Breach including invasion of privacy rights, breach of

personal and/ or corporate information, unauthorized access, breach of data

protection statutes, theft of data.

• Defence of regulatory actions including failure to notify

• Personal Identifiable Information definition to include definitions as defined

under GDPR Regulation

• Policy to respond to ‘unauthorized collection of data’ related investigations,

claims and allegations brought under GDPR Regulations and other similar

regulations across the world

• Multimedia Liability including coverage for Defamation, Invasion of privacy,

• Network Security cover such as cover for introduction of unauthorized

software/ virus/ code in third party data or computer system, denial of access

to third party to its data/ systems, wrongful appropriation of network access

code, data destruction/ corruption/ deletion or physical theft

• Data Administrative Fines & Penalties adjudicated by authorities. Deemed

Insurability of Fines and Penalties language.

• Vicarious liability for a privacy breach occasioned by third party vendors or

business process outsourcing firms

• Definition of damages to include to include judgements or arbitral awards,

non-compensatory damages (including punitive & exemplary damages) & out

of court settlement with approval of Insurer

• Waiver of subrogation and recovery wherever agreed in a contract

• Conduit Liability

• Impaired access Liability

• Content Liability, including claims for intellectual property, trademark and

copyright infringement (Under Third Party Liability)

• Contractual Liability Exclusion should have carve-back for:

Any contractual agreement with the Insured’s client to preserve the

confidentiality or privacy of Personal Data of the customers of your client.

breach of Insured’s privacy policy or privacy notice

Payment Card Assessment, charge backs, reimbursements and fraud

recoveries pursuant to a ‘Merchant Service Agreement.

First Party Losses including, but not limited to:

• Privacy Notification Expenses including Voluntary notifications

• Credit Monitoring Expenses

• Data recovery expenses and cost of determining whether data held can be

restored, recollected or recreated.

• Cover for cost of reconstitution of computer systems and communications

assets resulting from cyber attacks

• Business interruption arising out of system failure

• Business interruption loss to include cover for normal operating expenses,

payroll and additional expenditure incurred for the purpose of minimizing

network interruption (Time excess – 6 hours)

• The waiting period under Business Interruption cover to operate as

‘Franchise’- Qualifying period rather than Waiting period.

• No ‘Waiting Period’ for additional expenses incurred during Business

Interruption period

• Cover for ‘Voluntary Shutdown’

• Emergency costs for Crisis Expenses without Insurers prior written consent

cover- 96 hours

• Cyber extortion coverage to include any threat to electronically communicate

with the Insured’s customers in addition to the standard cover for threat to

cause network disruption or causebreach of data security.

• E-threat/ cyber/ privacy extortion – to include money lost in transit and

• Cyber extortion threat to include Threat to disclose or unlawfully use

• Extortion costs cover to include costs of acquiring any form of cryptocurrency

that may be demanded by entities/individuals causing a Threat.

• Forensic services including cover for Proactive Forensic costs

• Cost of Repair of Company's Reputation

• Cost of Repair of Individual’s Reputation

• Professional fees for advice and representation of regulatory investigation

• Cyber terrorism cover with cover for nation-state attacks, nil deductible

• Cover for Funds Transfer fraud

• PCI DSS endorsement including fines and penalties

• Cover for Withdrawal of Content

• Cover for E-Communication losses to include phishing, vishing, mirror sites,

phone phreaking and similar modes

• Please specify the empanelled ‘Cyber Incident Response Managers’, ‘Public

Relations Consultants’ under the policy.

• System Failure endorsement to be included

• Data restoration costs not linked to security breach

• Reward expenses, nil deductible

• E-theft coverage to include social engineering crime

• E-Vandalism to include digital asset restoration

• Disclosure Liability arising out of – loss of personal information, corporate

information, human errors

• Regulatory investigations, fines and penalties/ Data administrative

investigators and fines and penalties

• Court Attendance Costs

• Clean up costs

• Bricking costs cover - Cover for repair, replacement of computer systems

which are impacted by a cyber-attack

• Cover for cost associated with withdrawal of content posted by threat actors

from insured’s website.

• Computer system amended to include third party service providers/cloud

hosting services and bring your own device.

• Network Usage Fraud – Cover for increase costs of information technology,

internet or telephony services subscribed by the Insured which the respective

service provider refuses to waive off and resulting from the unauthorized

access/use/exceeding the user rights of Insured’s computer systems by any

Claim during Last

years Nil Claim

Pertinent Details on IT • We test the production backup by restoring on clone system of ERP

Security and Overall • We are in process of implementing disaster recovery site for ERP.

Network Management • GMDC has migrated email service on Microsoft Cloud (Office 365 /

• We have upgraded from on-premises Antivirus to cloud base Antivirus

along with Application security and XDR feature.

• We are implementing network security for Local LAN using VLAN for

• We will be doing periodic security assessment for all the Application

• Our Information Security Certificates are based on Secure Sockets

Layer /Remove>Secure Sockets Layer

• We are regularly conducting Review and Audit of the Consultant and

Third-Party Service Provider on basis of Non discloser agreement.

• We are having Security Audit Logs Generated for Software

• We have Fortigate Firewall Network Access Control technology in

place to Authorized and Authenticate Devices and Software

• We are having following Type of Data Collection, Store and Process

Aadhar Card and Nos. Bank Account Information

• Our Data is stored in –Oracle ERP database Servers, backup tapes – no

encryption Technologies is used

• Our Admin Access rights are review on 45 days Intervals

• Every insurer is required to declare the empanelled list of surveyor and

breach response consultants.

• Insured may appoint any of empanelled surveyor and breach response

consultants without consent in case of emergency response and

surveyor or insurance company cannot insist to change the empaneled

surveyor and breach response consultants for further investigation or

relevant matters.

• The Insurance Company will put in place a claim settlement procedure

that is positive, prompt, transparent and targets at ‘zero’ pendency

status. Towards this end, the Insurance Company will educate the

GMDC Officials with respect to procedures and documentation

requirement. A joint meeting between Surveyors, Insurance Company

and GMDC will be organized on a date suggested by GMDC for

discussing the claim matter and Minutes shall be recorded. The

Insurance Company will take a weekly report from the surveyor to

ensure the success of the procedure and keep GMDC posted and copy of

interim as well as final survey report shall be submitted to GMDC

• In case of claim, the Insurance Company shall immediately depute or

Claim settlement authorize the Insured to call a surveyor(s) from the approved panel by

Procedure GMDC, but not later than 48 hours of receipt of intimation from the

• The surveyor shall call for all the documents in support of claim in one

go but not in piece meal manner for expeditious settlement of claim,

preferably at the time of visit or within 3 days thereafter.

• The surveyor shall send his findings to the insurer within 15 days of his

getting documents.

• In case, the claim is not found tenable or not settled for the claimed

amount, Insurance company will seek the comments of GMDC within a

week of receiving the survey report. The final view shall be taken within

15 days of receipt of reply.

• In normal circumstances, the claim has to be settled within 30 days

from the date of first information, net of the time taken by GMDC for

responding to surveyor’s/Insurance Company comments.

• On account payment of 75% to be released with 10 days of

preliminary survey report and balance amount within 15 days after

submission of all documents. In case of delay, the insurance company

shall be liable to pay interest as per IRDA guidelines.

• The lead insurer must release the full amount of any settled claim

within seven (7) working days from the date of signing the discharge

Quotation Slip – Motor Vehicle Insurance Policy-Comprehensive and Act Only

Insured Gujarat Mineral Development Corporation Limited

Address Khanij Bhavan, University Ground, Nr. Manav Mandir, 132 FT Ring Road, A’bad.

Nature of Business Mining of Minerals and generation of electricity

Coverage Comprehensive and Act Only as per Sheet III & IV

• Instead of quote of each vehicle the requirement is for Flat rate of discount to

be applied for all vehicles as and when they come up for renewal.

• Please provide the flat discount to be applied for comprehensive policies

• Premium on vehicles added during the policy period will be charged on

proportionate basis as per motor tariff/IRDA guidelines.

• New purchased vehicle of GMDC should be insured at a discount rate quoted

Add On Covers • Nil Depreciation, Engine Protection, NCB Protection, Consumables cover,

Return to Invoice cover

In case of claim, the Insurance Co shall immediately depute the Surveyor

Claim settlement

under intimation to GMDC. The Insurance company shall be liable to settle the

claim within 15 days after submission of documents and in case of the delay

reasons has to be informed to GMDC. If reasons are not found justified then

the Insurance company shall be liable to pay interest as per latest IRDA

Claim during Last 3 Year Details of Claim

2025-26 Rs 01.10 Lakh till date

Detail Sum Insured of Standard Fire & Special Perils Policy (Including terrorism cover) for the year 2026-2027

Gujarat Mineral Development Corporation Ltd.

Location wise tentative amount Rs. In Lakh

Sr. No. Description of the Minerals Building Plant & Furniture Stores and stock of Total

Block which extracted Machinery Fixtures Spares all kinds

includes all & and in

adjacent group of ELECTRIC Fittings godowns

mines EQUIPMEN and Office /stored in

T & LAB appliances open/stor

1 Bhatia BAUXITE 29.67 44.24 13.58 2.65 FLOATER

2 Ambaji MULTI METAL 565.96 154.43 17.37 1.59 FLOATER

3 Rajpardi LIGNITE 765.52 1,396.29 135.17 6.25 FLOATER

4 Panandhro LIGNITE 1,448.39 714.44 196.65 41.68 FLOATER

5 Mata No Madh LIGNITE 1,771.82 1,295.44 151.84 65.78 FLOATER

6 Gadshisha BAUXITE 1,601.92 262.27 33.29 4.44 FLOATER

7 Tadkeshwar LIGNITE 280.55 947.56 149.59 26.53 FLOATER

8 Bhavnagar LIGNITE 4,282.28 3,158.86 388.39 82.37 FLOATER

9 Shivrajpur MAGNESE 41.48 157.02 6.34 1.59 FLOATER

10 Kadipani FLOUSPAR 856.67 787.88 167.30 329.10 FLOATER

11 Umarsar LIGNITE 207.19 1,371.47 115.55 18.20 FLOATER

12 Lakhpat LIGNITE 2,052.97 37.77 383.31 0.16 FLOATER

13 Panandhro Ex LIGNITE - 42.30 0.47 0.27 FLOATER

14 Bharkhandam LIGNITE - - 0.47 0.11 FLOATER

15 Damlai LIGNITE - - 2.11 - FLOATER

16 Valia LIGNITE - 3.44 5.97 - FLOATER

17 Ghala LIGNITE - 1.45 2.99 - FLOATER

18 Kadipani Ex FLOUSPAR - 0.08 0.40 - FLOATER

19 Baitrani West COAL - 17.57 38.35 0.79 FLOATER

20 Burapahar COAL - 3.16 5.64 - FLOATER

21 Akrimota Nani Cher ATPS 7,000.00 - FLOATER

Buildings in Gujarat-

(including Capital

Work in progress)

Detail Sum Insured of Burglary & House Breaking Policy for mining projects for the year 2026-2027

Gujarat Mineral Development Corporation Ltd.

Location wise tentative amount Rs. In Lakh

Sr. No. Description of Minerals Plant & Furniture Stores and stock of all Total

the Block which extracted Machinery Fixtures Spares kinds in

includes all & and godowns

adjacent group ELECTRIC Fittings /stored in

of mines EQUIPMEN and Office open/stored

T & LAB appliances in closed

EQUIPMEN /open within

1 Bhatia BAUXITE 44.24 13.58 2.65 FLOATER

2 Ambaji MULTI METAL 154.43 17.37 1.59 FLOATER

3 Rajpardi LIGNITE 1,396.29 135.17 6.25 FLOATER

4 Panandhro LIGNITE 714.44 196.65 41.68 FLOATER

5 Mata No Madh LIGNITE 1,295.44 151.84 65.78 FLOATER

6 Gadshisha BAUXITE 262.27 33.29 4.44 FLOATER

7 Tadkeshwar LIGNITE 947.56 149.59 26.53 FLOATER

8 Bhavnagar LIGNITE 3,158.86 388.39 82.37 FLOATER

9 Shivrajpur MAGNESE 157.02 6.34 1.59 FLOATER

10 Kadipani FLOUSPAR 787.88 167.30 329.10 FLOATER

11 Umarsar LIGNITE 1,371.47 115.55 18.20 FLOATER

12 Lakhpat LIGNITE 37.77 383.31 0.16 FLOATER

13 Panandhro Ex LIGNITE 42.30 0.47 0.27 FLOATER

14 Bharkhandam LIGNITE - 0.47 0.11 FLOATER

15 Damlai LIGNITE - 2.11 - FLOATER

16 Valia LIGNITE 3.44 5.97 - FLOATER

17 Ghala LIGNITE 1.45 2.99 - FLOATER

18 Kadipani Ex FLOUSPAR 0.08 0.40 - FLOATER

19 Baitrani West COAL 17.57 38.35 0.79 FLOATER

20 Burapahar COAL 3.16 5.64 - FLOATER

Details of Vehicles for Motor Vehicle Insurance Policy-Comprehensive and Act Only

Type of Vehicle to be covered for Comprehensive Policies

SR.NO VEHICLE TYPE VEHICLE

PASSENGER CARRYING VEHICLES EXCEEDING 6 PASSANGER

3 MISC TYPE OF VEHICLE

4 GOODS CARRYING VEHICLE

TOTAL VEHICLES- FOR COMPREHENSIVE POLICIES

Note: Except OD premium, the other premium amount will be paid as per tariff. OD premium will

be reduced by discount offered in financial bid.

Type of Vehicles to be covered for Act Only Policies

SR.NO VEHICLE TYPE NO OF VEHICLE

1 GOODS CARRYING VEHILCES

2 MISC TYPE OF VEHICLES

3 PVT CAR VEHICLE

TOTAL VEHICLES- FOR ACT ONLY POLICIES

Note: Premium will be paid as per tariff hence there is no need to quote the rate.