New India Business Insurance

Recognised as a Domestic Systemically Important Insurer (D-SII) in India, New India Insurance is distinguished for its extensive operations, financial security, and top-tier corporate governance and risk management.

Types of New India Business Insurance

The key types of New India Insurance for businesses in UAE are as follows -

1. Marine Insurance

What is Marine Insurance?

Marine insurance is designed to protect you against risks associated with sea activities and the transportation of goods and cargo over water.

This type of New India Business Insurance is essential for safeguarding maritime commerce — shipowners, freight forwarders, cargo owners, and more. By offering protection against a broad range of risks, marine insurance ensures the smooth operation and financial stability of maritime businesses.

Types of Marine Insurance

There are 3 primary forms of marine insurance, each catering to a distinct aspect of maritime and aviation operations -

1. Marine Cargo Insurance
2. Marine Hull Insurance
3. Aviation Insurance

1- Marine Cargo Insurance

You get cover for the loss or damage of cargo during transit over water. The cover also provides financial protection against risks like theft, damage from rough seas, and others.

What’s Covered?

Cargo insurance policies provide protection based on the Institute Cargo Clauses A, B, & C, along with Inland Transit clauses for land transportation risks.

Here’s a breakdown of the coverage provided —

Institute Cargo Clauses A:

You can get extensive protection for both partial and total loss of cargo due to any insured risks.

Institute Cargo Clauses B:

• Covers partial or total loss of cargo due to accidental damage to the carrying vessel by sea, air, or land
• Damage from specific events like lightning, volcanic eruptions, earthquakes, and water entry into the vessel
• Covers the total loss of any package that is lost overboard or dropped during loading or unloading operations

Institute Cargo Clauses C:

This cover by New India Insurance Company provides you with fundamental protection for partial or total loss of cargo resulting from accidental damage to the carrying vessel by sea, air, or land. This coverage is more limited compared to ICC A and B.

Key Benefits

• Protection against loss or damage during transportation
• Extends protection for international trade, covering shipments across borders
• You can easily customise your coverage as per your specific needs and requirements
• Ensures adherence to legal standards and reduces potential risks
• Provides expert assistance in managing and processing claims
• Peace of mind as valuable cargo is protected while risks are mitigated

2- Marine Hull Insurance

Marine Hull Insurance covers physical damage to vessels, including ships and boats. This coverage of New India Insurance in Dubai protects against accidents and incidents such as collisions, theft, and sinking. It also covers the essential equipment and machinery necessary for the vessel’s operation.

What is Covered?

• Protection against total loss or significant damage to the ship
• Coverage for repairs or replacement of the vessel’s machinery if damaged
• Compensation for expenses incurred due to unforeseen circumstances
• Coverage for losses related to the dismantling or disposal of the vessel
• Protection to transport ship's fittings and the cargo

Key Benefits

• Safeguards financial losses and maritime risks, protecting both vessels and cargo
• Ensures that finances and assets are secured from threats posed by open waters
• Premium rates of this New India business insurance policy are influenced by factors such as vessel value, age, construction, navigation area, crew experience, and loss history
• Provides vessel owners and operators with financial security, ensuring a stable and worry-free maritime operation

2. Property Insurance

What is Property Insurance?

The New India insurance policy provides financial protection against accidental physical loss or damage to the insured property. You will get coverage for a wide range of risks across residential, commercial, and industrial sectors, including -

• Buildings
• Contents
• Manufacturing Units
• Stocks
• Business Interruption

Types of Property Coverage

Under this plan of New India Insurance Dubai, you can find 3 major types of property coverage -

1. Fire & Allied Peril Policy 
2. Property All Risks Policy 
3. Business Interruption Policy

1- Fire & Allied Peril Policy

You can get protection against risks from fire, burglary, and related risks affecting your property. This includes building, plant & machinery, fixings, stocks, and furniture. Additionally, you can enhance the coverage by adding Allied Perils with fire and lightning protection.

Here’s the list of risks covered under this New India Business Insurance Plan -

• Fire and lightning
• Aircraft damage 
• Theft 
• Riot, strike, and malicious damage 
• Flood, storm, hurricane, cyclone, tornado, and typhoon
• Overflowing of water tanks 
• Impact by road vehicle or landslide

2- Property All Risks Policy

You can get comprehensive coverage for all business properties situated on land — whether movable or immovable — across multiple locations.

Key Benefits

• Coverage  against a wide range of risks
• Extensive protection against unforeseen events 
• Additional coverage for allied perils based on specific needs and risk exposures

Business Interruption Policy

Named ‘Loss Of Profit Due To Business Interruption Policy’, this business plan by New India Insurance Company Dubai covers financial losses resulting from business interruptions. By compensating for the loss of profit during the downtime, it ensures that your cash flow remains uninterrupted. This allows you to focus on restoring normal business operations without worrying about the losses.

Key Benefits

• Maintains Financial Stability: The plan maintains your cash flow during periods of disruption. It ensures that your business remains financially stable even when operations are temporarily halted.
• Coverage of Essential Costs: This New India business insurance policy covers essential continuous expenses like rent, salaries, utilities, and more, even if business activities are suspended due to an insured event.
• Retain Existing Customers: By facilitating a swift return to normal operations, the policy helps you meet customer commitments and preserve relationships. This, in turn, protects your business's reputation and long-term viability.

3. Engineering Insurance

What is Engineering Insurance?

With this policy of New India Insurance in Dubai and other Emirates, you can get essential protection from risks associated with construction projects, machinery, and equipment. It safeguards against breakdowns of machinery, property damage, and liabilities related to engineering activities.

Types of Engineering Insurance

1. Contractors All Risk Insurance
2. Contractors Plant and Machinery Insurance 
3. Machinery Breakdown Insurance
4. Deterioration of Stock Insurance
5. Electronic Equipment Insurance

Insurance Offerings

1- Contractors All Risk Insurance

This is a comprehensive New India business plan that covers property damage and third-party claims during construction projects. It ensures you are protected against unforeseen accidents and liabilities. Notably, it is an ‘All Risk’ policy — it provides coverage against numerous risks except the ones specifically mentioned in the policy documents.

This policy primarily covers

• Material Damage: Protects your business against sudden and unexpected physical loss or damage to the construction works, property, or insured items
• Third-Party Liability: Provides coverage if you are legally liable for accidental bodily injury, property damage, or disease suffered by third parties.

The tenure of this coverage is in line with the duration of the contract period as stated in the Letter of Award.

Key Benefits

• The policy begins when the first consignment is unloaded at the site or when work starts. It remains effective throughout the project as specified.
• The policy ends when the project is handed over to the principal or put into service. You can, however, extend the policy with advance notice to the insurer.

2- Contractors Plant and Machinery Insurance

This policy of New India Insurance Dubai provides annual coverage for contractors using plant and machinery across various projects. It offers comprehensive protection for your equipment — no matter where it is used — as long as you inform the insurer about the locations of your equipment.

Coverage Includes

• Loss due to illegal entry or theft
• Damage from fire, lightning, explosions, floods, earthquakes, and other natural events
• Coverage for damage from storms, hurricanes, and similar weather events
• Includes damage from accidents like faulty handling, falling, collisions, dropping, or impacts

3- Erection All Risk Insurance

This insurance policy of New India Assurance safeguards projects involving the installation or erection of any plant, machinery, and equipment. Whether you're installing a single machine or constructing a large facility like a power plant, this policy provides comprehensive coverage.

The EAR policy ensures robust protection for contractors and employers. Covering both physical damage and third-party liabilities, it can be issued jointly to meet contractual insurance needs.

What Does it Cover?

• Material Damage (MD): Protects your business against unexpected physical loss or damage during the erection, installation, testing, and commissioning of machinery, plant and structures
• Third-Party Liability: Covers legal liability for damages arising from the erection and installation activities — this includes bodily injury or property damage suffered by third parties due to the insured activities

Key Benefits

• You can tailor this policy by New India Insurance Company Dubai to fit the specific needs of your project and ensure that all essential aspects are covered.
• Additional coverage options are available and can be customised based on the specific requirements of the project.

4- Deterioration of Stock

What is the Deterioration of Stock?

This insurance covers the financial loss resulting from the deterioration of goods in cold storage due to any issues regarding refrigerated machinery.  This type of insurance is important for businesses that store perishable items, such as food or pharmaceuticals, in refrigerated conditions.

Important: You can get this New India Assurance Insurance cover only if you have a machinery insurance plan. 

5- Machinery Breakdown Insurance

Machinery Breakdown Insurance covers financial losses resulting from the sudden and accidental breakdown of machinery. This includes both electrical and mechanical failures.

With this New India business insurance plan, your business can be covered for the costs associated with repairing or replacing the damaged machinery.

Suitable for

Individual machine owners and companies or entities with a financial interest in the machinery

What’s Covered?

• Industrial Machinery: Compressors, pumps, turbines, and more
• Electrical Machines: Transformers, generators, motors, and so on
• Loss of profit due to machinery breakdown: Covers the loss of profit caused by reduced business operations when machinery breaks down. It compensates for lost revenue due to the interruption in business. 

4. Professional Indemnity

This plan of New India Insurance in Dubai protects you against claims made by clients due to issues related to their professional work. It covers claims arising from negligence, malpractice, or errors.

What’s Covered?

The policy covers financial liabilities, including legal defence costs, for claims resulting from -

• Errors in your professional services
• Missed actions or responsibilities
• Failing to uphold professional trust
• Not fulfilling professional obligations
• Misrepresentation due to negligence

Key Benefits

• Shield Against Impact on Finances: As the policy covers claims related to professional services, the impact on your company’s financial standing can be minimised.
• Client Assurance: Shows clients that their interests are protected
• Reputation Protection: Safeguards your company’s reputation from potential damage

5. Workers’ Compensation

With this plan of the New India Insurance Company, you can cover employees for illnesses or accidents that happen while they are working. This includes medical expenses, lost wages, and compensation for injuries or death — in accordance with labour laws.

Employers’ Liability plan provides extra coverage if an employer is found legally negligent in a court case. It pays additional compensation beyond what is covered by workman's compensation.

Key Details

It’s a joint policy and can be taken out in the names of both the contractor and the employer to meet contractual insurance requirements.

What Does it Cover?

It covers work-related accidents resulting in:

• Medical expenses till full recovery
• Physical injury
• Loss of income
• Death
• Disability

6. Public Liability

This New India business plan covers the costs your business is legally responsible for if it accidentally leads to harm to a third party or damages to their property. It also includes legal costs for defending claims, subject to certain terms and conditions. 

This type of insurance is ideal for businesses operating from premises like offices, showrooms, and warehouses.

What’s Covered?

• Compensation for third parties due to negligence
• Costs related to death or bodily injury caused to third parties
• Costs for damage to or loss of third-party property
• Expenses for defending against related claims

Key Benefits

• Comprehensive Coverage: Protects you against legal liabilities for bodily injury, property damage, and third-party losses
• Option to Enhance Cover: With add-on options, you can get coverage for natural disasters, transportation risks, and damages or losses related to pollution.
• Legal Compliance and Shield for Reputation: Helps meet legal obligations while protecting your business’s financial stability and reputation

New India Business Insurance Claim Process

You can register a claim through several convenient methods:

1. Visit the official website of New India Assurance in the UAE. 
2. Go to the ‘Report a Claim’ section on the homepage.
3. Collect all the required documents and mail them to New India for further assistance. 

• New India Insurance Abu Dhabi Office: nonmtrclms@newindia-uae.com 
• New India Insurance Company Dubai Office: miscclaims@nia-dubai.com 

You can also reach out to the broker who assisted you with your policy.

Note that you can find the New India Assurance Insurance claim form and other details on the official website of the company. 

Why Choose Policybazaar.ae for your Business Insurance?

When it comes to protecting your business, having the right insurance coverage is crucial.

Policybazaar.ae stands out as a leading choice for business insurance in the UAE, offering a range of benefits that make it a smart choice for business owners.

Here’s why -

1. Comprehensive Coverage Options - Policybazaar.ae provides access to a wide variety of insurance policies tailored to different business needs. From liability coverage to property insurance, you can find the perfect plan to safeguard your business against potential risks.
2. User-Friendly Platform - Navigating insurance options can be complex, but Policybazaar UAE simplifies the process with an easy-to-use online platform. You can compare different policies, get quotes, and quickly make informed decisions.
3. Expert Guidance - With a team of experienced professionals, the platform offers valuable advice and support throughout the insurance selection process. You can easily choose the best coverage to suit your business’s unique requirements.
4. Competitive Pricing - Policybazaar.ae ensures that you get the best value for your money. By comparing multiple insurance providers, you can find competitive rates and affordable options without compromising on coverage.
5. Fast and Reliable Service - Time is of the essence for any business. Policybazaar.ae provides prompt service, ensuring that your insurance needs are met quickly and efficiently. A reliable support team is always available to assist you with any queries or issues.

Frequently Asked Questions