The New India Assurance Co. Ltd.

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Commercial Insurance

Property Insurance
New India has well designed covers for insuring both Private and Commercial properties against many risks.
It has underwritten risk ranging from small huts to multibillion dollar petrochemical plants.
Coverage
  • Fire
  • Lightning
  • Earthquake
  • Flood, Storm, Typhoon, etc.
  • Impact damage
  • Burglary
  • Business interruption

The above cover can be given to the following types of risks
  • Residential buildings
  • Offices complexes
  • Warehouses
  • Industrial complexes
  • Factories etc.

How to select the insurable value

The insurable value of an asset should be realistic and having market value. The intrinsic values and sentimental values shall not be considered for insurance purpose.
The building and plant & machinery can be insured on re instatement value basis. The standard insurance cover shall follow the principle of depreciation and under insurance wherever required.
The relevant information such as the type of construction, occupancy location may be forwarded for a quote. Please note that inspection of the site may be necessary before giving a final quote.
Jewellers Block Insurance
A specialized and tailor made insurance product for jewellery shops.
It covers :
  • Stock in the showroom.
  • Transit risk
  • Fidelity guarantee
The unique underwriting capacity of The New India Assurance makes it enviable product.
Bankers Blanket Insurance
A customized product to suit the need of bankers in a seemless way.
Covers include:
  1. On Premises : Covers money and/or securities belonging to, or in the custody of bank, whilst on their own premises or on the premises of their bankers, against loss or destruction by Fire, Riot & Strike, Malicious damage, terrorist act, burglary ,theft ,robbery or hold-up.
  2. In Transit : Covers money and/or securities if they are lost ,stolen, mislaid, misappropriated or made away with, whilst in transit in the hands of its employees whether by negligence or fraud of the employees.
  3. Forgery or Alteration : Covers losses suffered as a result of payment of bogus, fictious, forged cheques or drafts as also forged endorsements on genuine cheques or drafts or FDRs.
  4. Dishonesty : Covers loss of money and/or securities suffered due to dishonest or criminal act of its employees
  5. Hypothecated Goods : Covers losses suffered due to fraudulent or dishonest act of employees in respect of goods or commodities pledged or hypothecated to the insured bank and under its control.
  6. Registered Postal Service : Covers loss of registered postal sending by robbery,theft or any other cause not specifically excluded, provided that each post parcel shall be insured with the post office.
Marine Cargo Insurance
New India is one of the leading Marine Cargo Insurers in Asia insuring commodities ranging from bulk crude oil to precious diamonds. The global presence enables servicing of Marine Insurance with superior ground support.
New India is insuring Oil Drilling Rigs, Bulk Carriers, Cargo Carriers, Passenger Ships, Fishing Vessels, Pleasure Crafts etc. It provides standard global cover adapted to the local conditions.
Marine Cargo Insurance
  • Import / Export Insurance
  • Inland Transit Insurance (all risks and road risk only)
Coverage
Institute Cargo Clause (A) i.e. All Risk Insurance for various cargoes being transported by sea in break-bulk or containers.
ICC (B) i.e. A more restricted cover where shortage and rain water damage is not covered.
ICC (C) i.e. This is a still more restricted cover with the least price where shortage, water damage of any kind, washing overboard, earthquake, lightining, breakage, scratching, infestation, hook and sling damage etc. are not covered.

Inland Transit All Risks
This is an All Risk cover for goods transported by any land conveyance such as trucks or trains.
Inland Transit Road Risk Only
This covers loss to consignments consequent to an accident to the carrying vehicle or due to fire.
Air Transit All Risks
This covers All Risk damage to a consignment due to any risk whilst being transported by an Aircraft.

How to select the insurable value
Marine Insurance is given on agreed value basis. As per conventional terms the insurable value is arrived on below terms.
CIF basis – Invoice value + 10%
FOB basis – Invoice value + 20%
Marine Hull Insurance
New India offers Marine Hull Insurance for ocean going vessels where the coverage is as per Institute Time Clause (Hulls). The coverage includes the following :
  • Damage to the Hull due to accident.
  • Damage to the Engine [including breakdown.]
  • Damage to Third Party Property due to an accident.
  • 3/4 Collision Liability.
  • General Average and Salvage charges.
The Sum Insured in the above should be the present day replacement value of the Hull. The online quote can be offered by filling the minimum details on Home Page.
Fidelity Guarantee Insurance
  1. On or after the date of commencement of this policy
  2. During uninterrupted service with the Insured and discovered during the continuance of this policy or within twelve calendar months of the expiration thereof
  3. In the case of death, dismissal or retirement of the Employee with twelve calendar months of such death, dismissal or retirement whichever of these events shall first happen.
Aviation Insurance
New India participated in the Aviation Insurance of Air India way back in 1946. New India Assurance Company provides professional aviation insurance advice and solutions to the needs of small aircraft operators as well as scheduled airlines. The aviation portfolio encompasses following type of covers.
  • Hull All Risk Insurance Policy: This policy is suitable for small aircraft operators belonging to flying clubs, companies engaged in agricultural spraying operations, aircrafts especially designed for VVIPs, business executives and for those engaged in industrial aids. The policy scope includes all physical loss or damage sustained by the insured aircraft including total loss, disappearance. All losses are paid subject to deductibles.
  • Spares All Risk Insurance Policy: Covers loss or damage to spares, tools, equipments and supplies owned by the insured or the property for which the insured is responsible whilst on ground or in transit by land, sea, air including in own aircraft or whilst on the premises of others for storage only.
  • >Hull/Spares War Risk Insurance: Indemnity is provided to the aircraft as well as spares caused by war, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, resurrection, martial law, strikes, riots, civil commotion, malicious acts, sabotage.
  • Hull Deductible Insurance: Airlines at times have to bear a proportion of loss due to application of a deductible under All Risk Policy, which may impose considerable financial difficulty on the insured. Therefore the operators insure part of their deductibles under this kind of insurance.
  • Aviation Personal Accident (crew member) Insurance: This cover is designed to cover insured person against injury, disablement or death arising as result of an accident that is generally granted on annual basis. The cover operates while mounting or dismounting from and whilst traveling an aircraft while the aircraft is being used within the geographical scope as per its permitted usage. This cover can also be on 24 hours basis. The capital sum insured varies according to the status of the insured or earning capacity and fixed by the insurers.
  • Loss of License Insurance: Operating crews of the aircraft are required to have valid license. License is liable to be suspended either temporarily or permanently on medical grounds. Consequential financial loss is covered by the loss of license policy. Cover provided is in respect of incapacity causing permanent total disablement or temporary total disablement due to bodily injury or illness.
Besides the aforesaid general aviation policies New India Assurance Company also provides various other tailor-made insurance as per specific requirements of the insured.

"Rated As "A - (Excellent)""

By A.M. Best

Born To Lead

The New India Assurance Co. Ltd.