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ICGB selects insurer for gas connector with Greece

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The project company ICGB announced a tender for the selection of the leading insurer for the project “Gas Interconnector Greece – Bulgaria”.

The leading insurer shall cover for all insurance risks (Construction All-Risk or CAR insurance), in particular ICGB will conclude insurance policy for:

  • Construction All Risks (CAR)
  • Delay in Start Up (DSU)
  • Third Party Liability (TPL)

The coverage of those risks is organized by the Contracting Entity and it is outside the mandatory insurances that each of the contractors must provide under the legislation in Bulgaria and Greece. The estimated value of the procurement is EUR 1 300 000 which is the maximum premium to which the candidates may submit offers.

The procedure is organized as a negotiation with an initial notice for participation and in the first phase requests for participation can be submitted by all interested candidates who meet the selection criteria and for which there are no grounds for exclusion under the Public Procurement Act and the contract notice. Only candidates who have passed the pre-selection will be invited to submit initial offers to the second phase.

The public procurement is implemented as part of the risk management measures that the project company performs and is in compliance with the international practices, as it aims to provide coverage in the event of adverse events accompanying the construction, testing and commissioning (except the mandatory insurances for the constructor, the designers and other participants in the construction), which will be provided under the contracts concluded with them.

The deadline for submission of requests for participation is 15.07.2019. More information may be found in the dossier of the public procurement in the section called Buyer’s profile at the following link: https://www.icgb.eu/buyers-profile/selection-of-a-leading-insurer-for-gas-interconnector-greece-bulgaria-project/

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