The New India Assurance Company Limited

This is a package policy specially designed for jewellers & diamontaires i.e. those establishments dealing solely in diamonds.

Jewellers premises are categorised into Class I, II or III depending upon the type of security provided for the premises.

Discount in premium is available in case the premises have special protection devices like built-in vaults, strong rooms, closed circuit T.V. or armed guards.

A package policy designed specially to cover the risks related to banking sector. A single policy covering all branches in India of the particular bank.

Retroactive period facility available whereby losses discovered during policy period due to an incident occurring in earlier period but after inception of first policy, also become payable, provided the policy has been continuously renewed with us without break.

Discount in premium available for banks having less than 500 branches.

• This policy covers goods,freight and other interests against loss or damage to goods whilst being transported by rail,road,sea and/or air.
• Different policies are available depending on the type of coverage required ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.
• This policy is freely assignable and is basically an agreed value policy.

This is a package policy specially designed for small shopkeepers. It is a single policy combining the various insurance requirements of shopkeepers.

Discount in premium is available if a  minimum number of four sections is selected including Section I (b).

• Fire Insurance is governed by All India Fire Tariff effective from 31.3.2001 issued by Tariff Advisory Committee, a Statutory Body.
• The Standard Fire and Special Perils Policy covers all properties on land (excluding cost of land), moveable or immoveable, at various locations against named perils.
• Special Types of Policies are designed for Stocks (declaration and floater), Building, Plant & Machinery keeping in mind the nature of property, proposers' requirements and basis of indemnification.
• Long Term Policies available for Dwellings with suitable discounts in premium.
• Policy can be extended to cover certain additional perils and expenses at additional premium.
• Certain perils can be deleted with discount in premium rates.
• Discount in premium available for good claims experience for sum insured more than Rs. 50 crores in one location and for installation of fire extinguishing appliances.
• Concept of "one risk one rate" for all properties in an Industrial or Manufacturing Complex, for administrative convenience of the proposer.

Policy is designed to cover business premises only like godown, factory, office etc.

There are three types of policies available :-

• Full Value Insurance: The policy must be effected for the full value of the property to be insured.
• First Loss Insurance: In the event of improbability of total loss, proposer can opt for a percentage of total stocks to be insured
• Stock Declaration Policies: These policies are given where large stocks frequently fluctuate in quantity during the year. The sum insured is fixed at the maximum value of stocks which the insured anticipates he will hold at any one time. A deposit premium of 100% of the annual premium will be paid at the beginning of the insurance. Monthly declarations of value are to be sent to the company and the "deposit" premium will be adjusted at the end of the policy period based upon the average of the monthly declarations

This is a policy which covers financial loss incurred by the insured due to loss or damage to machinery as a result of sudden accidental electrical and mechanical breakdown.

It reimburses the insured for the cost of repairs or replacement of machinery of like nature.

• Who can take this Insurance:This insurance can be taken by the individual owner of the machine or a person or company having financial interest in the machine.
• What kind of machines can be covered: All types of industrial machinery like compressors, pumps, turbine etc. as also electrical machines like transformer, electrical motor, generator etc. can be covered under this policy.
• What is the sum insured or value for which policy is to be taken: It is a requirement of this policy that the sum insured or value for which the particular machine is insured should represent the present day purchase value of a similar new machine including all incidental expenses like custom duties, taxes, excise, freight, insurance charges, handling charges etc. In case the sum insured under the policy is less than as per the above requirement the claim will be paid only in such proportion as the sum insured bears to the current replacement cost of similar new machinery.

The policy can be extended to include the following risks on payment of additional premium.

1. Damage to external data media for example punch cards, tapes, discs etc. as also the cost of reconstruction of data on this external media caused by a peril covered under the policy.
2. The additional expenditure incurred due to use of a substitute computer system as a result of an accidental damage to the computer insured under the policy and which is covered by the policy.

This is a comprehensive policy covering all physical risks which a project is exposed to right from the warehouse of the supplier of equipments - whether imported or indigenous - to its erection, testing and commissioning at the site.

In case the supplier has arranged transit insurance upto the site, a Storage cum erection policy can be issued limiting coverage to risks that the project is exposed to at the site only.

In case the policy period exceeds 12 months, the premium can be paid in quarterly installments with the first installment being more by 5% and the last installment being paid 6 months before expiry of the policy.

For project value exceeding Rs.1500crs, specially designed policies are available.

This policy covers the amount which the insured becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury, loss or damage to the property belonging to a third party. The legal cost and expenses incurred in defending the case with prior consent of the insurance company are also payable subject to certain terms and conditions.

One can insure more than one unit situated in different locations under a single policy.

The policy offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.

1. The UNIVERSAL HEALTH INSURANCE policy will be available to both Individuals as well as in Group.
2. Each Insured should cover all eligible members (insured persons) under one group policy only. In other words different categories of eligible members shall not be allowed to be covered under different group policies. It is not permissible to issue any unnamed group policy.
3. The Individual Policy will be issued in the name of the earning head of family with details of insured family members. The Group policy will be issued in the name of the Group/Association/Institution (called insured) with a schedule of names of the members including his/her eligible family members (called Insured persons) forming part of the policy.

This policy covers all sums (inclusive of defence costs) which the insured becomes legally liable to pay as damages as a consequence of:

1. accidental death/ bodily injury or disease to any third party.
2. accidental damage to property belonging to a third party.

3. arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured's premises.

   The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.