Industrial All Risks Insurance
What Can Be Insured Under This Policy?
The policy covers the following assets based on their replacement value:
- Building (excluding land value)
- Factory, machinery, and equipment
- Contents (furniture, fixtures, and fittings)
- Commodities (finished goods, raw materials, and production materials)
What Are the Main Coverages?
The policy provides coverage for:
- Fire
- Lightning
- Explosion
- Damage by aircraft
- Theft (with violence or forced entry only)
- Windstorm, hurricane, cyclone, typhoon
- Flood
What Are the Main Exclusions?
The policy does not cover:
- Political risks and impacts such as war and violence
- Sanctions
- Cost of repairing equipment due to faulty workmanship or design
- Contamination caused by radioactive mining, chemicals, or biological materials
- Damage caused by biological, chemical, or electromagnetic weapons
- Damages due to cybersecurity breaches and technical failures
- Losses due to infectious diseases such as COVID-19
What Are the Additional Risk Protections?
Business Interruption : Covers replacement coverage for the highest income earners of the business, including:
- Salary
- Gross profit
Who Can Be Insured?
- Building owners
- Business owners
How Long Is the Warranty?
Typically 1 year, with the option to extend annually before the policy expires.
How Much Is the Premium?
The premium depends on factors such as:
- Location hazard level
- Nature of the business
- Security management
- Fire extinguishing system construction
What Are the Ways to Pay the Premium?
One-time payment system
What Information Do I Need to Purchase Insurance?
To purchase insurance, you need:
- Proposal form
- Location of the hazard
- Type of residence and building
- Fire protection equipment and safety measures
- Detailed claims experience of the last 3 years
- Risk assessment report (if available)
- Building location model
- Detailed list of insured values in a formal way
