Material damage insurance policy

Summary

The tender is for a material damage insurance policy for the Gran Canaria Island Council, replacing its current policy. The insured assets are those listed in the tender documents and include buildings and their contents, roads, reservoirs, a port, photovoltaic equipment and other specified property. In general, the policy covers material damage caused by sudden, accidental and unforeseen events, except for losses expressly excluded by the policy. Specified cover includes, among other things, fire, explosion, lightning, water damage, weather events, vandalism, theft, electrical damage and glass breakage. The insured amount for buildings is EUR 880,536,615.84 and for contents EUR 40,386,086.95; photovoltaic equipment is insured for EUR 3,600,996.05. The maximum premium for the first insurance year is EUR 800,000, including taxes. The contract runs for one year and may be extended by mutual agreement for up to four additional years. The tenderer must state the average insurance rate, net premium and total premium, including taxes and the surcharge payable to the Insurance Compensation Consortium.