Provision of Short-term Insurance (60 Months)
TENDER DETAILS
- Tender Title: Provision of Short-term Insurance for Vaal Central Water (60 Months)
- Tender Number: VCW418/STI36/26
- Issued By: Vaal Central Water
- Contract Duration: 60 Months (5 Years)
- Briefing Session: 05 May 2026 at 11:00
- Closing Date: 21 May 2026 at 12:00
TENDER DESCRIPTION
This tender is for the appointment of a short-term insurance broker/service provider to manage and provide insurance cover for Vaal Central Water over a 5-year period.
The insurance must cover:
- Property and infrastructure
- Equipment and assets
- Liability risks
- Natural disasters
- Business interruptions
OBJECTIVE
- Provide full short-term insurance coverage
- Manage insurance broking services
- Handle claims management
- Conduct risk assessments and annual reviews
- Ensure financial protection of assets
SCOPE OF WORK
Insurance Coverage
- Property insurance
- Equipment insurance
- Public/third-party liability
- SASRIA coverage (riot and strike cover)
- Disaster coverage (floods, fire, storms, earthquakes)
Risk & Claims Management
- Claims processing and support
- Quarterly claims reporting
- Risk exposure assessments
- Annual policy reviews
Advisory & Support Services
- Insurance manuals development
- Policy review and optimization
- Training for staff on insurance processes
Administrative Duties
- Insurance quotations based on asset replacement value
- Ongoing policy monitoring
- Compliance reporting
TECHNICAL REQUIREMENTS
Regulatory Compliance
- Must be registered with FSCA (Financial Sector Conduct Authority)
- Must provide annual proof of registration
Experience Requirement
- At least R3 billion asset insurance experience (past 10 years)
- Proven corporate insurance track record
Documentation Required
- Detailed insurance proposal
- Scope of cover and methodology
- Specimen policy documents
- Underwriter details and credit ratings
- Claims procedures manual
TEAM REQUIREMENTS
Key Personnel
- Accounts Manager with insurance qualifications
- At least 10 years’ corporate insurance experience
Support Staff
- Claims handlers
- Technical brokers
- Risk management specialists
SKILLS REQUIRED
- Short-term insurance broking
- Risk assessment and underwriting knowledge
- Claims management expertise
- Policy structuring and advisory services
- Knowledge of South African insurance law
ROLE SUITABILITY
This tender is suitable for:
- Insurance brokers
- Financial services companies
- Corporate risk management firms
- Large-scale insurance intermediaries
Typically includes firms like:
- Registered FSCA insurance brokers
- National insurance advisory companies
IMPORTANT NOTES
- FSCA registration is mandatory
- Must demonstrate large-scale corporate insurance experience
- Strong emphasis on risk management capability
- 5-year long-term contract commitment
- Compulsory briefing attendance