- Industries are exposed to various perils in respect of properties and profit and there are policies that have been designed to cover specific perils or only certain groups of perils.
- There could be some perils which are still not covered under any of the specific policies.
- How about a single policy which would cover your business assets, stocks and loss of profit arising out of any event? Then, Industrial All Risk Policy is the package policy you are looking for.
- Availing this Policy makes you, your financiers and your investors to undertake business activities with extra confidence.
INDUSTRIAL ALL RISKS INSURANCE
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INDUSTRIAL ALL RISKS INSURANCE
ABOUT
Policy Cover is under two sections.
Section 1 – Material Damage: All risks of physical loss/damage to all business assets as well as stocks caused by all perils except a few notable exclusions.
Section 2 – Consequential financial loss: Loss of profit arising from business interruption due to physical loss/damage to insured property caused by any peril covered under Section 1 except breakdown of machinery or boiler explosion.
In order to derive the maximum benefit in terms of indemnity, it has been stipulated that the sum insured of properties should represent the reinstatement value for Section 1 and the Annual Gross Profit for Section 2.
Disputes, if any, on happening of the claim are always avoided by indicating the material facts clearly by means of a proposal form.
INDUSTRIAL ALL RISKS INSURANCE
BENEFITS
- Umbrella cover for various contingencies in a single policy, otherwise insured under different policies.
- Loss of profit arising out of Machinery Breakdown or Boiler Explosion can be covered by identifying the machines to be covered.
- All Add on covers under Standard Fire and Special Perils Policy as well as machinery insurance and Business interruption insurances (due to perils other than Machinery breakdown or Boiler Explosion) can be covered under this Policy.
- Settlement of admissible breakdown claims on ‘NEW FOR OLD’ basis (without deduction towards depreciation) is a salient feature of the IAR policy.
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