Life insurance linked to loans for Valencia Port Authority staff

Summary

The Valencia Port Authority is procuring a life insurance policy covering long-term loans granted to its employees to buy or repair a primary residence or purchase a vehicle. The policy covers the outstanding loan balance in the event of the employee’s death or permanent absolute disability or severe invalidity; loans with less than €3,000 outstanding are excluded. The contract covers 78 currently listed insured employees and possible new enrolments, has a 12-month term with one possible 12-month extension, and is not divided into lots. The base budget is €40,000 and the estimated contract value, including the possible extension, is €80,000.