The Maharashtra Tourism Development Corporation (MTDC) — the state’s nodal tourism agency, which runs resorts, lodges, restaurants and other properties — has invited an Expression of Interest (EOI) to empanel insurance advisers. The document is titled “Empanelment of Insurance Advisers for Insurance Advisory, Asset Valuation, Insurance Placement and Claims Management Services for MTDC” and is published on mahatenders.gov.in.
I read the full 37-page document. Of the Maharashtra government tenders we have analysed so far, this is the most accessible for a small business: a ₹2,000 fee, no earnest money, no price bid, and turnover requirements measured in lakhs rather than crores. It is also the messiest — the document is clearly adapted from another tender and contains several errors that a bidder needs to be aware of. Here is what it asks for and how a normal Indian or Maharashtra-based firm can approach it.
This is my reading of the EOI, not legal advice. Always work from the official document and any addenda on the portal.
What an EOI empanelment actually is
This is not a contract award. MTDC is building a panel of qualified advisers. The notice is explicit: empanelment “shall not guarantee award of work”, and MTDC may later issue separate RFPs, RFQs or work orders among the empanelled agencies for specific assignments. So the prize is a place on a shortlist that MTDC draws from — a foot in the door with a government tourism body, and a reference for other tenders.
Because nothing is priced at this stage, there is no price competition. Firms are judged purely on credentials and a presentation.
What the empanelled adviser would do
The scope is end-to-end insurance management for MTDC’s properties and operations, in four parts:
- Advisory and consultancy. Identify and classify MTDC’s insurable risks; recommend the right policies (fire and special perils, burglary, marine/transit, motor, public liability, electronic equipment, machinery breakdown, money, group personal accident, group health/Mediclaim, fidelity guarantee, business interruption, livestock, crop/plantation and others); set sums insured, deductibles and add-ons; compare insurer quotes with documented justification; and keep MTDC updated on IRDAI rules and market changes.
- Property and asset valuation. Build a verified inventory and a “Schedule of Insured Assets” covering land-based structures, lodges, resorts, restaurants, ropeway installations, plant and machinery, vehicles, boats, generators, IT assets, stock, and even lives and living assets. Choose a valuation basis (reinstatement, market, book or agreed value), physically or documentarily verify assets against MTDC’s fixed-asset register, and revalue at least annually and at every renewal.
- Insurance filing and placement. Prepare proposal forms, collect quotations from multiple IRDAI-licensed insurers, negotiate terms, recommend an insurer, verify the issued policies, process mid-term changes, and keep a policy register with renewal reminders.
- Claims management. Handle claims end to end: intimation, documentation, surveyor coordination, follow-up until settlement, reviewing settlement offers for short-payment, escalations including the Insurance Ombudsman, and reconciling what MTDC actually receives.
Deliverables include the valuation report, a comparative quotation statement, issued policies with a verification report, a policy register and renewal calendar, annual revaluation reports, claim files and a claims register, and periodic advisory notes.
The eligibility checklist
| Criterion | What the EOI requires |
|---|---|
| Legal entity | Any independent entity registered in India: sole proprietorship, partnership, LLP, private or public limited company, or government-owned company. Documents: certificate of incorporation or partnership deed, PAN, GST, and Aadhaar details of the proprietor or partners. |
| Office | A fully functioning office in India, evidenced by a Shop & Establishment licence, GST registration, or a rent or lease agreement. A Maharashtra office is not required. |
| Turnover | Average annual turnover of at least ₹36 lakh over the last three financial years (2023-24, 2024-25, 2025-26), from “similar works”, with audited balance sheets and a statutory auditor or CA certificate (Annexure VII). |
| Net worth | Positive net worth on 31 March 2026, certified by the auditor or CA. |
| Experience | Insurance advisory work for a Central or State government body, PSU or private organisation in India, shown by work orders or completion certificates. Value threshold: 3 projects of at least ₹4.8 lakh each, or 2 of at least ₹7.2 lakh each, or 1 of at least ₹9.6 lakh. These figures are 40%, 60% and 80% of a ₹12 lakh reference project cost. |
| Preference | Preference for firms with tourism, travel or hospitality experience. Annexure IV asks for any work with the Ministry of Tourism or a state tourism department. |
| Licence | The notice invites “IRDAI-registered Insurance Advisers / Insurance Brokers”. The scope section asks for valid IRDAI registration to act as a broker or adviser “or relevant professional qualification”. |
| Integrity | Not debarred or blacklisted by any Central or State government body or PSU. This needs a notarised undertaking on ₹100 stamp paper (Annexure VIII). |
| Authority | A notarised power of attorney on ₹100 stamp paper for whoever signs (not needed if a proprietor signs), with a board resolution for companies. |
The bid also includes a detailed covering letter, a general-information sheet certified by your auditor, an experience statement, a work plan (inception, pre-service, during-service and post-service reports), the NDA format, and a signature on every page of the EOI. Note the covering letter’s wide declarations: no contract failure or termination by a public authority in the last five years, and no pending regulatory investigation against you, your associates, your CEO, directors, managers or employees. Read that one carefully with your compliance team before signing.
What it costs to apply
- EOI document fee: ₹2,000 + 18% GST (₹2,360), non-refundable. Only the firm that buys the document can bid.
- Two notarised documents on ₹100 stamp paper (the undertaking and, if applicable, the power of attorney).
- The notice states “no cost involved at this stage except EOI cost”. There is no EMD or security deposit in the main terms.
That is a tiny outlay next to the ₹55 lakh needed just to bid on the Chavaa cab-platform tender, or the ₹1.52 crore EMD on the employee health-screening tender.
How you are scored
Each bid is scored out of 100, and you need at least 70 to be empanelled. Attendance at the presentation is mandatory — absent bidders are disqualified.
| Component | Marks | How you score |
|---|---|---|
| Turnover (technical eligibility) | 15 | ₹36–50 lakh = 5, ₹50–65 lakh = 10, above ₹65 lakh = 15. |
| Experience (technical eligibility) | 15 | Full 15 if you meet the 3 / 2 / 1 project thresholds above. |
| Technical approach and methodology | 25 | Understanding of the assignment, approach, action plan, service timeline, insurance aspects, and case studies. |
| Concept and design for the mandatory components | 20 | See the note below — the wording is left over from an event-management tender. |
| New services and USPs in the insurance sector | 25 | Value-adding ideas that bring “new concepts and understanding of insurance”. |
The arithmetic that matters
A firm that just clears the bar — ₹36–50 lakh turnover and enough qualifying projects — banks 20 marks (5 + 15) and needs 50 of the 70 presentation marks, about 71%. A firm above ₹65 lakh banks 30 and needs 40 out of 70. Every turnover step is worth 5 marks of cushion, so the credentials matter, but the presentation carries 70% of the score. A small firm with real tourism or PSU references and a sharp, specific presentation can beat a larger firm that turns up unprepared.
The document’s contradictions — and why to ask about them
This EOI has clearly been adapted from other tenders, and the leftovers create genuine ambiguity. MTDC’s Managing Director resolves any dispute and MTDC can reject any bid without giving reasons, so send pre-empanelment queries in the Annexure XI format rather than guessing:
- “Event Management Agency” experience. The financial-capacity criterion says the bidder must have operated “as an Event Management Agency for a minimum period of 5 years”. Read literally, no insurance adviser qualifies. The general-information sheet also asks for “years of experience in conducting events”. Ask MTDC to confirm that insurance advisory or broking experience is what counts.
- IRDAI licence. The notice calls for IRDAI-registered advisers and brokers, but the pre-qualification table does not list a licence, and the scope section allows “relevant professional qualification” instead. Ask whether a licence is mandatory.
- Thematic concept marks. 20 marks are for a “proposed thematic concept” that enhances “overall experience of the project” — event language that does not map to insurance. Ask what evaluators expect to see.
- Jurisdiction. Disputes go to courts “at Shillong, Meghalaya”, while the EOI says MTDC’s Managing Director resolves disputes. Ask which applies.
- How to submit. The notice says to submit at MTDC’s Churchgate office; the instructions say to submit online on the state e-tendering portal. Confirm whether a hard copy is also needed.
- EMD. The checklist lists an “EMD receipt / certification of exemption” and Annexure VIII mentions forfeiting an EMD, but the notice and terms set no EMD amount and say only the EOI fee is payable.
- Engagement period. The project period is two years; the initial engagement is one year; the covering letter refers to 2026-2028 while other annexures say 2026-27.
- Blanks. The timelines for valuation and policy issuance, the termination notice period, and the “consultancy/advisory fee” itself are all left blank.
- Consortia and subcontracting. The EOI is silent. If you plan to bring in a valuation partner, ask.
How the adviser gets paid
Payment is milestone-based and made within 30 days of acceptance of a correct invoice:
- 50% of the advisory fee on acceptance of the property valuation of all assets.
- The balance 30% of the fee once all policies are issued.
- “20% of the claim amount received” per claim, payable only after MTDC has actually received the insurer’s settlement. Nothing is payable on rejected or unrecovered claims.
Two things to clarify. First, the fee itself is not stated — presumably it comes with a later RFQ. Second, the third line reads as a 20% success fee on every claim recovered, which is unusually generous on a large fire or cyclone claim, rather than the last 20% of a fee. Ask which is intended, and how it fits with IRDAI’s rules on how brokers and advisers may be remunerated.
Other terms: an initial one-year engagement extendable by agreement, performance reviews, MTDC may terminate for specified causes (such as insolvency, fraud, false statements or conflict of interest) on 30 days’ notice, and delay penalties “as specified in the contract”. You are also liable for losses caused by your negligence, error or omission.
So can a normal business apply?
- An IRDAI-licensed insurance broker or adviser with some government or PSU work behind it: yes, this is a realistic bid. The turnover bar of ₹36 lakh and the project thresholds of ₹4.8–9.6 lakh are modest.
- An insurance agency, valuation firm or risk consultant without a broking licence: maybe. The licence requirement is unclear (see above), so ask before paying for the document. Either way, the empanelled firm has to place policies with IRDAI-licensed insurers.
- A newer firm with no government experience: not yet. The experience criterion is a pass/fail gate and there is no startup relaxation in the EOI.
How to prepare
- Sort out your licence. If you are not IRDAI-registered, understand the requirements and timeline before planning on public-sector empanelments.
- Collect the paperwork. Audited accounts for FY 2023-24 to 2025-26, an auditor-certified turnover statement, a net-worth certificate as of 31 March 2026, PAN, GST and an office agreement or Shop Act licence.
- Build the reference trail. Small assignments count: insurance reviews, valuations or claims support for PSUs, state corporations, municipal bodies or hotels and resorts. Get a work order and a completion certificate for each, showing the value.
- Use tourism experience. MTDC prefers tourism, travel and hospitality clients. Resort, hotel, ropeway, boat and heritage-property references are worth highlighting.
- Prepare the 70-mark presentation. Show a concrete method for valuing a spread-out portfolio of lodges, boats and installations; a claims playbook with real case studies; and specific value-adds. MTDC asks for “policy registers” and “renewal reminders”, so a live renewal tracker or claims dashboard is a tangible USP.
- Send your queries in the Annexure XI format. The questions above are worth asking, and answers become part of the tender.
The takeaway
This EOI is a low-cost, low-risk way for a small insurance adviser, broker or valuation-led firm to get onto a state government panel. It costs a few thousand rupees, needs modest turnover, and is scored mostly on your presentation. The catch is the document’s quality: several requirements are clearly copied from an event-management tender, so the safest approach is to get the ambiguities clarified in writing first. Empanelment does not guarantee work, but it puts you in front of MTDC when it issues its next RFQ.
The registrations behind a bid like this — GST, Shop & Establishment, and professional licences — are what tenders check first. Browse the licenses directory to find the right filing and agent, and keep every renewal date in one place so an expired registration never costs you a bid.