With the ever increasing number of players, increasing interest rates, high inflation, increased competition, entry of foreign players and many other factors, there is a considerable pressure on the margins.
In above situation purchasing inadequate Insurance Protection can put severe pressure on your Cash Flows in the event of any Sudden, Unforeseen and Fortuitous event.
The New India Assurance Co. offers you a wide range of Insurance Products to provide comprehensive Insurance Protection to your assets to enable you concentrate more on your business and leave your worries to us.
Kindly have a look at the list of Products below, to have a preliminary idea about our range of products. Feel free to contact us to know more about any of the above products.
FIRE INSURANCE:
Fire Insurance provides an effective Insurance Protection from a group of named perils to almost all kinds of land based properties (Buildings, Plant and Machinery and Stocks) at a very low premium.
Standard Fire Insurance Covers- fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide (including rock slide), riots, strikes, malicious damage, missile testing operations.
Additionally, there are options to insure Perils like Earthquake, Terrorism, Spontaneous Combustion, Impact Damage, Material Spoilage and a host of other add-on covers.
Insurance buyers have the option to buy Fire Insurance on Market Value or on Reinstatement Value Basis. Fire Policy on Reinstatement provides modified indemnity as no depreciation is applied in case the policy is opted for on 'Reinstatement' basis.
Some special types of Fire Insurance are available to take care of various requirements of the insured.
1. Fire Insurance on Declaration Basis:
This policy is suitable for business; those want to cover their stocks under Fire Insurance. This policy starts with issuance of a Fire Policy on the basis of a Provisional Sum insured (Maximum Value of Stocks which may be stored during any time in the year), and is followed by monthly declaration for next 12 months. In case the average S.I. during the policy is lower than the Provisional sum insured, the premium is refunded to the extent of 50%.
2. Fire Insurance on Floater Basis:
This policy suits best for Business having their stocks at multiple locations, with frequent shifting of stocks from location to another. Under this policy the client may select a single sum insured for all locations, which avoids chances of underinsurance when a loss struck a particular location.
3. Fire Insurance on Floater - Declaration Basis:
This option gives benefits of above Two Policy types. However, the minimum sum insured requirement for this option is Rs.2.00 Crore with maximum refund of 20% only.
BURGLARY INSURANCE:
This policy covers Loss or damage to the property insured by theft following upon actual, forcible and violent entry into the premises and/or Damage to the premises following upon entry as above or any attempt thereat. The product is designed to cover business premises like godown, factory, office etc.
There are three types of policies under Burglary Insurance:-
• Full Value Insurance: The policy is designed to indemnify for the loss of full value of the property to be insured.
• First Loss Insurance: This is an alternative to the above policy, 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.
MACHINERY INSURANCE:
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.
ELECTRONIC EQUIPMENT INSURANCE:
Modern day world runs on the pace gifted by the numerous electronic equipments that helps to execute the Business - Hair to Nail. The protection of these show-runners of your business is a high-time requirement. This product covers any or all of the following equipments or media:
- Electronic data processing machine.
- Telecommunication equipment.
- Transmitting and receiving installations(including Radio, TV, Cinema Sound Reproduction and Studio Equipment).
- Material testing and research equipment.
- Electro-Medical Installations.
- Signal and Transmitting units.
- Office calculators, duplicating machines and Reproduction machines.
- Control and supervisory units.
- Smoke, soot, dust, corrosive gases etc.
- Water and Humidity.
- Short circuit and Electrical fire risk.
- Faulty operations, lack of skill.
- Falling object and entry of foreign bodies
- Fire, lightning, explosion.
- Riot and strike and malicious damage and terrorism.
- Theft and burglary.
- Natural calamities – flood, inundation, storm, cyclone and earthquake
- Subsidence, landslide, rockslide.
For more information on above product kindly CLICK HERE or contact us by Email or Telephone.
LOSS OF PROFIT INSURANCE POLICY (FLOP AND MLOP)
Generally insurance policies cover only physical damage to property by insured perils. This, at best , covers the expenses incurred for repairing or replacing the damaged property . But what about the financial loss suffered due to interruption of business operations whilst the damaged property is being repaired or replaced ?LOSS OF PROFIT INSURANCE POLICY (FLOP AND MLOP)
This policy offers a solution by covering profit lost due to reduction in turnover arising from interruption of business following damage to the property insured.
This policy can be taken only in conjunction with Fire Policy or Machinery Breakdown policy and would be called Fire-Loss of Profit (FLOP) or Machinery-Loss of Profit(MLOP). This policy is also known as Business Interruption Policy or Loss of Profit Policy.
The cover includes Loss of Gross profit as well as increased cost of working. Sum Insured in this policy is decided on the basis of 'Gross Profit'. The Gross profit should represent the net trading profit plus insured standing charges.
For more information on above product kindly CLICK HERE or contact us by Email or Telephone.
MARINE CARGO INSURANCE POLICY:
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.
Transportation of goods can be broadly classified into three categories:
i. Inland Transport
ii. Import
iii. Export
The types of policies issued to cover these transits are:
For Inland Transit
a. Specific Policy - For covering a specific single transit
b. Open Policy -For covering transit of regular consignments over the same route .The policy can be taken for an amount equivalent to three months despatches and premium paid in advance.As each consignment is despatched, a declaration giving details of the despatch including GR/RR No. is to be sent to the insurer and the sum insured gets reduced by the amount of the declared despatch.The sum insured can be increased any number of times during the policy period of one year;but care should be taken to ensure that adequate sum insured is available to cover the consignment to be despatched.
c. Special Declaration Policy - For covering inland transit of goods wherein the value of goods transported during one year exceeds Rs.2 crores.Although the premium for the estimated annual turnover [i.e.the estimated value of goods likely to be transported during the year] has to be paid in advance,attractive discounts in premium are available.
d. Multi-Transit Policy - For covering multiple transits of the same consignment including intermediate storage and processing.For e.g.covering goods from raw material supplier's warehouse to final distibuter's godown of final product.
For Import/Export
a. Specific Policy - For covering a specific import/export consignment.
b. Open Cover - This policy which is issued for a policy period of one year indicates the rates, terms and conditions agreed upon by the insured and insurer to cover the consignments to be imported or exported.A declaration is to be made to the insurance company as and when a consignment is to be sent along with the premium at the agreed rate.The insurance co. will then issue a certificate covering the declared consignment.
c. Custom Duty Cover - This policy covers loss of custom duty paid in case goods arrive in damaged condition.This policy can be taken even if the overseas transit has been covered by an insurance company abroad,but it has to be taken before the goods arrive in India.
For more information on above policy kindly CLICK HERE or contact us by Email or Telephone.
WORKMEN COMPENSATION INSURANCE:
This policy covers liability of an employer for employment injury (including death) of any of his employees who is a ‘workman’ as defined under Workmen Compensation Act.
In addition to above products we also offer Standard and Customized insurance products for Health and Personal Accident for your Employees.
INDUSTRIAL ALL RISK INSURANCE:
IAR policy is designed as a package policy covering a wide range of perils. Under this policy, the cover is provided on all risk basis except for exclusions.
It provides cover for following perils:
Burglary, Theft, fire and associated perils under Standard Fire Policy, Boiler Explosion, Machinery breakdown, Electronic equipment insurance as well as Machinery Loss of Profit and Consequential loss due to Fire (FLOP).
For more information on this product, Kindly contact us by E-mail or telephone.
