The New India Assurance Co. Ltd.

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Industrial Insurance

Fire Insurance
Coverage
  • Fire
  • Lightning
  • Earthquake
  • Flood, Storm, Typhoon, etc.
  • Impact damage
  • Add on covers for Burglary and business interruption can also be availed.
Property All Risk Insurance
Covers the completed industrial properties against Fire and Allied Perils subject to:
Exclusions
Machinery Breakdown Insurance
Scope of cover:
  1. Faulty material/workmanship of the machine
  2. Action of centrifugal forces contributing to disruption of the rotating parts
  3. Failure of lubrication due to malfunctioning of lubricating oil pumps or its breakdown.
  4. Malfunctioning or failure of safety devices.
  5. Electrical short-circuiting including electrical fire originating from failure of insulation and or over voltage or under voltage conditions.
  6. Abrupt and sudden stoppage of other connected machinery.
  7. Entry of foreign bodies into running machine.
  8. Inexperienced operations causing damage due to error of judgment or error in operation.
  9. Add on covers
    The policy can be extended to include the following risks on payment of additional premium.

  10. Damage to foundation of machinery
  11. Damage to oil in electrical apparatus
  12. Express freight (excluding air freight), holiday rates, overtime charges
  13. Air freight
  14. Additional custom duty i.e the additional percentage of duty payable at the time of reimport for replacement over and above the percentage of duty included in the original sum insured.
  15. Own surrounding property i.e. damage to the insured's own existing property or property in his custody or control (not included in the sum insured of the policy) due to any damage to the insured machines which is covered under the policy.
  16. Third party liability i.e. liability falling on the insured for bodily injury to any other party other than those covered by the policy or for property damage belonging to such other party.

Contractors All Risk Insurance
Scope
The policy comprises of 2 Sections :
  • Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy.
  • Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
    The main exclusions under Section I for which no claim is payable, are loss or damage due to:
    1. faulty design
    2. rectification of aesthetic defects of structure not relating to any physical loss or damage to the structure due to any accident, or of material defect or of workmanship defect.
      The exclusion of defective material / workmanship is limited to the parts of the structure immediately affected and does not apply to any consequential loss to correctly executed items, arising out of the accident due to defective material or workmanship.
    3. loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
    4. loss discovered only at the time of taking inventory.
    5. loss arising out of penalty for delay, non-fulfillment of terms of contract.
Add on covers
The policy can be extended to cover the following items :-
  1. construction equipment like scaffolding, shuttering materials
  2. construction equipment like scaffolding, shuttering materials
  3. damage to surrounding property not forming part of the contract work.
  4. maintenance visit / extended maintenance cover to cover accidental loss or damage whilst carrying out any rectification during maintenance period and / or any amount incurred for rectification of such original defects or faults during construction.
Marine cum Erection / Storage cum Erection Insurance
  • Section I-Material Damage-covering physical loss, damage or destruction of the property insured by any cause, other than those specifically excluded in the policy
  • Section II-Third Party Liability-covering the legal liability falling on the insured contractor as a result of bodily injury or property damage belonging to a third party.
The policy covers all risk of physical loss or damage of insured property other than those specifically excluded , including :-
  • marine voyage for imports
  • offloading / storage at port
  • inland transit to site
  • storage, handling, erection at site
  • testing and commissioning at site
The main exclusions are :-
  • loss or damage due to faulty design, defective material or casting, bad workmanship other than faults in erection. This exclusion is limited to the items immediately affected and does not apply to any consequential loss to correctly executed items.
  • cost necessary for rectification or correction of any error during erection unless resulting in physical loss or damage.
  • loss or damage due to gradual deterioration, atmospheric condition, rusting etc.
  • loss discovered only at the time of taking inventory.
  • loss arising out of penalty for delay, non-fulfillment of terms of contract.
Add on covers
The policy can be extended to cover the following on payment of additional premium.
  • clearance and removal of debris
  • damage to owner's surrounding property
  • maintenance visit / extended maintenance cover
  • additional customs duty
  • civil works
  • express freight
  • air freight
  • deletion of duration clause under marine
Advanced Loss of Profit Insurance
The Advance Loss of Profit is designed to cover:
  • Loss of Gross Profit = Net Profit+ Standing Charges

  • OR
  • Loss of Gross Earnings = Turnover-Specified Working Expenses

  • OR
  • Fixed Operation & Management Costs
    1. Debt Service Charges
    2. Increased Cost of Working
    3. Special Expenses e.g. penalties
Contractor Plant and Machinery Insurance
The policy covers sudden, accidental, external damage to the insured machinery due to any cause other than those specifically excluded in the policy. The policy covers the machinery whilst they are in operation or at rest or whilst being dismantled for the purpose of cleaning or overhauling or whilst being shifted within the premises or during subsequent re-erection, but in any case only after successful commissioning.
The main exclusions of the policy are:-
  1. loss or damage due to any internal electrical or mechanical break down, defective lubrication, lack of oil or coolant although any consequent external damage is payable.
  2. loss or damage to replaceable parts or attachments such as bits, drills, knives, dies, moulds etc.
  3. loss or damage whilst in transit from one location to another.
  4. loss due to wear and tear, corrosion, rust, deterioration, atmospheric conditions.
  5. loss or damage during testing operating or whilst being used for a purpose other than designed for.
  6. loss or damage to machinery working under ground.
  7. loss or damage for which the supplier or manufacturer is responsible either by law or under contract.
Add on Covers
The policy can be extended to cover
  1. Third party liability - personal injury and property damage.
  2. Damage to owner's surrounding property.
Offshore Oil & Energy Risk Insurance
Covers the Oil rigs and Hydro Carbon facilities in downstream. The coverage can be offered for erection, maintenance and E&P cost. The liability cover may also be extended as a value addition.

"Rated As "A - (Excellent)""

By A.M. Best

Born To Lead

The New India Assurance Co. Ltd.