The New India Assurance Company Ltd, India's largest non-life insurance company has provided a novel insurance arrangement for the refining and marketing major Bharat Petroleum Corporation Ltd. and their subsidiaries viz. Kochi Refineries Ltd. and Numaligarh Refinery Ltd. This is a Combined Package Policy covering all the refining and marketing assets of all the three units in one Single Package. The policy also provides for Business Interruption coverage. Terrorism coverage is given as a Stand Alone adjunct of this package. By obtaining for this arrangement BPCL and three subsidiaries have been able to leverage their aggregated size, avoid redundancy in coverage and also gain significantly by the way of premium savings.

Today the 20th of August, 2004, a Service Level Agreement launching the Insurance Programme Administration was signed at the Taj, Mumbai between New India and BPCL Combined in the presence of Shri Ashok Sinha, Director (Finance), BPCL and Mr Kumar Bakhru, Director and General Manager of the New India Assurance Co. Ltd. The Service Level Agreement was signed on behalf of New India by Mr M K Garg, General Manager and on behalf of BPCL Combined by Mr S K Joshi, Executive Director (Finance), BPCL, Mr Cherian Punnoose, Director (Finance), Kochi Refineries Ltd., and Mr T.K. Ananth Kumar, Director (Finance), Numaligarh Refinery.