The New India Assurance Co. Ltd.

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Liability Insurance

Public Liability Insurance
We issue three types of Public Liability Policies
  1. Public Liability Non Industrial Risk - For offices,hotels, cinema houses,hospitals, schools etc.
  2. Public Liability Industrial Risk - For godowns , warehouses and factories.
  3. Public Liability Insurance Act 1991 - This is a mandatory policy to be taken by owners ,users or transporters of hazardous substance as defined under Environment (Protection) Act 1986 in excess of the minimum quantity specified under the Public Liability Insurance Act 1991.

Add on covers

The Public Liability Policy can be extended to cover the following risks on payment of an additional premium.
  1. Natural calamities like flood, earthquake etc.
  2. Pollution Risk subject to NOC from Pollution Control Board
  3. Transportation Risk
Products Liability Insurance
The defect in the product may be a manufacturing defect or may even be due to faulty packaging, delivery specifications or instructions as to use of the product. The policy covers the sales turnover of the company- both domestic and/or exports. The policy is on a claims made basis i.e. the claims must arise and be made in writing on the insurance company during the policy period. The policy does not cover any liability for product recall, product guarantee, pure financial loss such as loss of goodwill or loss of market. The policy also does not pay for the cost incurred for repairing or reconditioning or modifying the defective part of the product.

Add on covers

The policy can be extended to cover liability arising out of judgments or settlements made in countries which operate under the laws of U.S.A or Canada (which is an exclusion under the policy) by opting for the North American Jurisdiction Clause. The policy can also be extended to cover Limited Vendors Liability for named or unnamed vendors. Limited vendors liability means liability arising out of the sale and distribution of named insured products by vendors with original warranties and instructions of use of the product specified by the manufacturers.
Professional Indemnity Insurance
The policy covers all sums which the insured professional becomes legally liable to pay as damages to third party in respect of any error and/or omission on his/her part committed whilst rendering professional service. Legal cost and expenses incurred in defense of the case, with the prior consent of the insurance company, are also payable, subject to the overall limit of indemnity selected. Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.
Directors and Officers Liability Insurance
Provides cover:
  1. Against any loss that the Organization may incur, on account of mistaken actions taken in their individual capacity as Directors & Officers in pursuance of their duties under Memorandum and Articles of Association.
  2. Against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
  3. Legal costs & expenses incurred with the written consent of the insurers arising out of prosecution (criminal or otherwise) of any Director / officer and attendance at any investigation, examination, inquiry or other proceedings by the authority empowered to do so.
  4. Expenses incurred by any shareholder of the Company in pursuance of a claim against any Director / Officer, which the Company is legally obliged to pay, pursuant to an order of a Court.
  5. Provide indemnity to the estate of, legal heirs or legal representatives of the Director / officer in the event of the Director / officer becoming insolvent.
Workmen Compensation Insurance
This Insurance covers the liability of the employer towards workers for accidents at workplace under law of the accepted jurisdictional power.
Employer's Liability Insurance
  1. To pay all sums which the insured is legally liable to pay the employees in respect of personal injury by accident or diseases 'arising out of and in the course of the employment'
  2. Insured's liability arising either under common law or the laws set out in the schedule Workmen's Compensation Act 1923.
  3. Costs or expenses incurred by the insured with the consent of the company, to defend any claims are paid in addition.

"Rated As "A - (Excellent)""

By A.M. Best

Born To Lead

The New India Assurance Co. Ltd.