Public invited to Napocor insurance bidding

The joint bidding committee handling the auction of the National Power Corp.’s Industrial All-Risks (IAR) policy is inviting the business sector and the general public to observe the second electronic bidding today.

To uphold transparency and integrity of the bidding process, the committee has opened its doors to observers to the insurance bidding.

The committee held an earlier bidding, for the policy last Sept. 27. However, pre-qualified insurance brokers sent letters of regrets to the committee after the world insurance market was affected by the Sept. 11 terrorist attacks on the US.

The bidding, scheduled at 5 p.m. today, will undergo the transparent e-bidding process where competitive offers are encouraged and bids are secured with a $20,000 bid bond per participant.

The six shortlisted bidders are Agnew Higgins Pickering, Marsh&Mclennan, Aon Energy, Alexander Forbes, Arthur J. Gallagher and Heath Lambett.