For all those who wish to participate in the bidding, you may visit our FGEN website: https://fgeninsurance.com/
Every participating bidder shall be required to pay a cash bond equivalent to 10% of the minimum bid price or Php10,000 whichever is higher. You may pay your cash bond at our Head Office – Treasury Department or at any FGEN branch near your area.
All bid offers shall be sealed and should include a copy of the Cash Bond Receipt. The sealed bid shall be put in the Bid Box located at the FGEN reception area not later than the deadline indicated in the bid announcement.
Bid offers through emails should include a scanned copy of the Cash Bond Receipt and shall be sent directly to AVP – Claims & Recovery using the following email address: email@example.com.
As soon as a winner has been determined, FGEN shall inform the winning bidder who MUST pay the full bid amount within two (2) days from the date he/she was informed. Payment should be in the form of a Manager’s Cheque or in cash. Online payment shall also be accepted. Our Recovery Assistant will provide FGEN’s bank details where the winning bidder can deposit the money. Storage and towing fees if applicable, shall be for the account of the winning bidder.
If no winning bidders has been considered, the unit will be rebidded and the corresponding bid announcement shall be made not later than the deadline indicated in the bid announcement.
No bid offers may be withdrawn after the bid submission deadline. Opening of the bid offers shall be done by the Bid Committee on the day after the deadline.
The winning bidder may take possession of the vehicle upon receipt of the Authority to Pull Out issued by FGEN and should be done within the time frame allowed by the repair shop or the assured. Any damage sustained by vehicles which were not pulled-out within the specified timeline allowed after the award will be at the sole risk of the buyer.
All bids are on an “as is where is” basis.
FGEN Management reserves the right to reject any bid offer, to waive any technicalities or to accept any bid offer which, in its judgment, will be to the best interest of the Company.