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NIGERIAN AGIP EXPLORATION LIMITED

– INVITATION TO TENDER FOR PROVISION OF 2021 DOLLAR OPERATIONAL INSURANCE FOR NAE

NIGERIAN AGIP EXPLORATION LIMITED
OPERATOR OF THE NNPC-NAFSIN PSC OPERATIONS
TENDER OPPORTUNITY
PROVISION OF 2021 DOLLAR OPERATIONAL INSURANCE FOR NAE
NIPEX TENDER NO 100000423

1. INTRODUCTION
Nigerian Agip Exploration, Operator of NNPC/NAE Joint Operations, is seeking qualified Insurers for the Provision of Operational Insurance Cover for its properties and third party liabilities. The contract duration for Technical evaluation is for 3 year and Commercials for+2 years option of renewal.

2. SCOPE OF WORK
Insurances required include the following: Operational Insurance and General Third Party Liability Insurance policies.

For the Operational and General Third Party Liability policy (policy limit US$25,000,000) the Insurer shall retain a percentage of the risk in Nigeria and re-insure the remainder of the risk with leading international underwriters. The insurer shall justify by verifiable proof of evidence with The National Insurance Commission (NAICOM) approval certification that all in-country capacity for the risk have been utilized before it can re-insure the excess capacity with leading international underwriters. The Insurer will liaise with the appointed Reinsurance Broker for the purpose of reinsurance with foreign Underwriters with minimum of A rating by an international rating agency. The Insurer will also handle claim services, policy documentation, renewals, endorsement etc.

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