NICL Marine Cargo Reporting Layer Insurance Coverage 2026-27

The Pakistan Reinsurance Company Limited (PAKRE) under the Ministry of Commerce is procuring the NICL Marine Cargo Reporting Layer Insurance Coverage for the financial year 2026-27. This procurement is specifically for Karachi, Sindh, and involves the provision of non-consultancy insurance services related to marine cargo reporting layers. The scope includes coverage for all cargo business of National Insurance Company Limited (NICL) with specified treaty limits and deductibles, including special provisions for Pakistan State Oil (PSO) cargo. The contract requires an international (re)insurance broker with an annual premium placement volume of at least USD 500 million. Both foreign brokers and their local affiliates must submit valid professional indemnity policies meeting regulatory requirements. The tender demands a firm quote with a validity of 60 days and a premium payment warranty of 90 days from the policy inception. The lead reinsurer must have a minimum rating of A by S&P, AM Best, Moody's, or Fitch, with at least 15% share. The submission deadline is **June 18, 2026, 11:00 AM**, and bids must be submitted online via EPADS v2.0. The technical bid must include a signed and stamped compliance matrix on the foreign broker's letterhead, and financial bids should provide detailed premium calculations. The bid security must be submitted in prescribed forms, and manual submissions are not accepted. A practical tip for bidders is to ensure timely registration and submission on EPADS v2.0, as late or manual bids will be disqualified. Also, maintaining clear communication between the foreign broker and local affiliate is crucial to avoid disqualification. The department emphasizes adherence to all terms, including no underwriting agencies, and compliance with Pakistan's laws and arbitration procedures.