ABOUT BID PROTESTS
What is the Bid Protest timeline?
1. Request for Proposal is distributed
2. RFP is submitted by Protesting Bidder
3. Contract is awarded
4. Awarded Bidder begins work
5. Protester requests Debriefing (within 3 days of award)
6. Debriefing held (within 7 days of request)
7. Protester files protest (within 10 days of Debrief)
8. Agency issues Stop Work Order to Awarded Bidder
Protest must be decided within 100 days of filing Contract is awarded Protest Submitted De-briefing Stop work order Decision reached Bid Protest


Explanation of the application process.
1. Prior to the award, the bidding contractor will complete an application for coverage.  The Application will be reviewed by an experienced TPA supported by a partnering Law Firm to assess the Contractor’s application. This initial submission will bear an application fee of $100. 

2. We will issue a quotation for coverage.  After review of the application, the bidding contractor will receive a response to his submission and a detailed quote for the coverage. 
3. Bidding contractor will order coverage subject to the award.  This is a pre-requisite to applying for bid protest insurance; if the bidding contractor is awarded the contract then he must purchase the coverage. 
4. Once award is issued, contractor will pay for coverage and coverage will be issued.  Contractors who commit to purchasing coverage and decline to purchase will not be eligible for coverage in the future.



Explanation of Coverage Benefits
In terms of coverage, we intend to provide Reimbursements to the Insured in four key areas:
Wages - This covers staff specifically employed for the project, for the duration of the  Protest (typically up to 34 days, including 14 days adjustment). 
Direct Costs – These are those that can be identified specifically with a particular final cost  objective, that is, a particular award, project, service, or other direct activity of an organization 
 In-direct Costs – These are those that have been incurred for common or joint objectives  and are not readily assignable to the cost objectives specifically benefited, without effort disproportionate to the results received. 
Legal Costs – This is the cost of attorney fees and legal expenses expended to rebut the Bid  Protest of the Contract, and only those attorney fees and legal expense attributable to the rebut the Bid Protest 
For Wages, Direct and In-direct costs; the reimbursements shall normally be calculated up to a  maximum period of 20 days from the date of award of the contract, until the GAO issues a Stop Work order, plus 14 days adjustment, to allow for payment periodicities, but reimbursement shall cease at the payment date closest to the date at which the GAO issues the Stop Work order. 

For Legal Fees; the reimbursements shall be calculated up to a maximum period of six months from the date of award of the contract covered, minus the Initial Period, until the Protest is Cleared or Sustained. 

Indemnity caps:
 In-Direct Costs up to a maximum of USD 1000 per protest case.
 Maximum reimbursement any one protest is capped at 50% of contract value.

Coverage Trigger:
When a valid Protest is raised with the GAO in respect of the contract being fulfilled by the Insured,  and as a consequence a Stop Work order is issued by the GAO.


Who is Bid Protest Insurance?
BPI was launched by I-Square Ventures, in collaboration with insurance industry veterans William R. Carey & Company and a major insurance carrier rated A (Excellent) by AM Best. 

551.264.9900 | 140 West Allendale Ave Allendale, NJ 07401
Policy@BidProtestInsurance.com
© 2018 Entrepreneur Equity Limited LLC. All rights Reserved.
Disclaimer Statement:
Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. If there is any conflict between this description and the policy, the policy will control. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services.

Coverage not available in Montana , Nevada, Oklahoma, Rhode Island, Wyoming, Utah, and Hawaii