Insurance. 2.1 The Contractor shall, “at his own cost”, take out and maintain in effect the following Insurance based on reinstatement value during the performance of the contract and the Purchaser shall be named as co-insured under all insurance policies. All Insurer’s rights of subrogation against co- insured shall be waived. Deductibles/excesses if any, under the insurance policies shall be borne by the Contractor. The identity of the insurers and the form of policies shall be subject to the approval of the Purchaser. ❖ During Ocean transit and Inland transportation, covering loss or damage as per ICC – clause – ‘A’ with War/SRCC provisions, for full replacement value of the consignment/cargo from the Contractor’s or Sub-contractor’s works or Stores until arrival at Purchaser’s project site.
Insurance. Unless otherwise expressly mentioned in the Contract, the Contractor shall be responsible for safe receipt of the Stores by the Consignee and for arranging transit insurance with his underwriters from warehouse to warehouse prior to despatch of the Stores under intimation to the consignee. The price specified in the Contract shall be inclusive of the insurance charges as mentioned in the Contract. In case of failure of the Contractor to take out the Insurance cover, the Contractor would be held responsible for any loss, damages, breakage, non- delivery, theft, and pilferage of the Stores in transit.
Insurance. The successful bidder shall take “all risk policy” for the contract value and workmen compensation policy for the workers engaged in the work in joint name of the RBI Kanpur and the agency (RBI being the first party). The successful bidder shall indemnify the Bank for any loss or damage that occurs to persons or building or third party while executing the work. It shall be ensured that the insurance cover is kept alive during the tenure of the agreement with Bank. Agency shall provide a copy of insurance cover (valid for entire contract period) to the Bank.
Insurance. 11.11.1. The Bidder is responsible for acquiring insurance for all components, equipment and software. The goods supplied under the Contract shall be fully insured.
11.11.2. The insurance shall be for an amount equal to 110 percent of the CIF value of the Goods delivered to SIDBI covering “All Risks” (fire, burglary, natural calamities such as Earth quake, floods etc.) valid till one month from the date of delivery. If the vendor fails to obtain insurance cover and any loss or damage occur, the vendor will have to replace the items with new ones without any cost to the Bank.
11.11.3. Where the Supplier is required under the Contract to transport the Goods to a specified place of destination within India, transport to such place of destination in India, including insurance and storage, as shall be specified in the Contract, shall be arranged by the Supplier
11.11.4. Should any loss or damage occur, the Bidder shall
a) Initiate and pursue claim till settlement, and
b) Promptly make arrangements for replacement of any damaged item/s irrespective of settlement of claim by the underwriters.
Insurance. 8.11.1. The ISP is responsible for acquiring insurance for all components, equipment and software throughout the period of contract. The goods supplied under the Contract shall be fully insured.
8.11.2. The insurance shall cover “All Risks” (fire, burglary, natural calamities such as Earth quake, floods etc.) valid throughout the period of contract. If the ISP fails to obtain insurance cover and any loss or damage occur, the ISP will have to replace the items with new ones without any cost to the Bank.
Insurance. I. The successful Tenderer shall take “workmen compensation policy” for the workers engaged in the work for one year renewable thereafter, if the contract is renewed by the Bank.The contractor shall indemnify the Bank for any loss or damage that occurs to persons or building or any third party. Workman compensation Insurance policy for all the staff deployed shall also be taken with a minimum coverage of minimum wages or actual salary paid per employee. Copies of the same shall be submitted to the Bank.
II. The Contractor shall indemnify and keep indemnified the Reserve Bank of India against:
i) Any claim arising out of third party loss/ damage to life or property caused by/during execution of the work.
ii) Any claim arising out of loss/ damage to the workmen engaged by the contractor during execution of the work.
iii) Any claim due to non-compliance of applicable PF/ Labour laws, ESI, regulations etc.
III. The contractor shall take necessary insurance covers (Workmen Compensation Policy), third party / public liability with an Insurance Company approved by the Employer a policy of Insurance in the joint names of the Employer and the Contractor, name of the former being placed first in the policy, against such risks and deposit such policy or policies before commencement of the works. The Minimum cover under (Workmen Compensation Policy) shall be to the extent of wages paid to the workman deployed for the fulfilment of the contract. The Minimum cover under third party / public liability shall be for a minimum of Rs.2 lakh. Note: These policies shall be valid till the completion of the work. If the contractor doesnot provide these policies, theBank reserves the right to take the above insurance policies themselves and recover the cost thereof from the bill of the contractor with additional penalty amounting to twice the premium Notwithstanding anything specified above, the tenderer shall be responsible to take all measures to maintain the safety, look, beauty, cleanliness, hygiene and sanitation of the buildings and premises. I/We hereby declare that I/We have read and understood the above instructions/scope of work for the guidance of the quotation/tender. I/we hereby agree to abide and fulfil the above terms & conditions/instructions. PLACE: DATE: SIGNATURE AND SEAL OF THE TENDERER Date: Signature of Tenderer Place: Address
Insurance i. The contractor shall, at her / his / their risk & cost, obtain, necessary insurance policies, namely Workmen Compensation Policy, with an insured value, corresponding to the wages / salary of the workmen / staff, engaged by her / him / them, in the Bank’s premises, in connection with this contract and Third Party / Public Liability Policy, with an insured value of not less than Rs. 2 Lakh per person, for one incidence, in case of personal accident and 5 Lakh, per incidence in case of damage to property, from an approved insurance company and the submit the same to the Bank, before commencement of the work. These policies, shall be in the joint names of the Bank and the contractor, with Bank’s name placed in the first and shall be valid for the entire period of the contract.
ii. The contractor shall, indemnify and keep indemnified the Reserve Bank of India against:
a. Any claim arising out of third party loss / damage to life or property caused during, execution of the work, under the scope of this tender.
b. Any claim arising out of accident / loss of life to the workmen, engaged by the contractor during execution of the work, under the scope of this tender.
c. Any claim due to non-compliance of applicable PF/ Labour laws, ESI, regulations etc. Notwithstanding anything specified above, the contractor, shall be responsible to take all precautionary measures, to maintain the general cleanliness, hygiene and sanitation of the buildings and premises. I / we, hereby declare that I / we have, read and understood the above instructions for guidance of bidders will abide by the same.