New India Assurance Co Ltd

newindia logo

Quite clearly an Indian company, New India Assurance has its headquarters in Mumbai but also operates a wholly-owned subsidiary in the UK.

The company was established in 1919 by Sir Dorabji Tata - founder of the Tata Group of companies (notably, Tata Steel and Tata Power) and an Indian businessman who had been knighted in 1910 for his services to industry in British industry. New India Assurance Co Ltd was nationalised by the Indian government in 1973.

New India remains the largest general insurance company in India, where it maintains nearly 600 branches. Its global activities extend to some 24 countries across all five continents. It employs approximately 20,000 staff, serving an estimated 12 million customers worldwide.

It claims an asset base of more than US$5 million and profits approaching US$1.5 million.

New India in Britain

The company made its first appearance in Britain in 1921 when it began to market its general insurance products. Today, it claims profits from its UK business of more than £56 million.

The headquarters of the company's UK operations are in London - including Lloyds of London at One Lime Street - but there are also offices in Ipswich and in Birmingham.

New India Assurance in Britain participates in the Financial Services Compensation Scheme (FSCS), meaning that you may be able to claim compensation in the event of the company failing to meet its obligations to you.

Products

Property insurance is a principal focus of New India Assurance, with products specifically targeted towards the owners of:

  • offices and surgeries;
  • hotels, guest house and pubs;
  • wholesalers and manufacturers;
  • shops and restaurants;
  • care homes;
  • residential property; and
  • commercial property.

Landlord insurance

Landlord insurance might be seen as a combination of various kinds of insurance. Home insurance, for example, may offer protection for the structure and fabric of a building, along with its contents, whilst business insurance might provide cover for safeguarding revenue (rental income) for the buy to let landlord and protecting him or her against public liability and employer's liability claims.

New India Assurance landlord insurance

The company appears to recognise the almost hybrid nature of landlord insurance by offering two types of policy likely to be of interest to the buy to let owner:

Residential property owners cover

  • buildings insurance;
  • up to £5,000 cover for carpets in communal spaces;
  • public liability;
  • landlords contents (optional);
  • employer's liability (optional);
  • legal expenses; or

Business combined cover

  • providing a comprehensive insurance package including;
  • buildings and contents cover;
  • business interruption (including loss of rental income);
  • theft (including theft by employees)
  • public liability;
  • employer's liability; and
  • legal expenses.

The Business Combined policy is designed to provide essential cover to a wide range of companies, whilst recognising that these are also the business needs commonly required by landlords who run their own business on a buy to let basis.