Industrial All Risks Insurance
Industrial All Risks Insurance is a comprehensive policy designed to protect industrial and manufacturing businesses against accidental physical loss or damage caused by all risks, except those specifically excluded. This coverage includes wider protection than a traditional Standard Fire Insurance policy, subject to specific exclusions of the policy. This package policy offers high coverage limits and is tailored to meet the needs of businesses in manufacturing, commercial, and other industrial sectors. Additional coverage can include business interruption and third-party liability.
| Fire Insurance | IAR Insurance |
Sum-insured
| · Actual Value | · Replacement Value |
Premium Rate
| · Tariff Rate
| · Non-Tariff Rate – considering construction, occupancy, protection, exposure, management, loss history, and other risk factors |
No Claims Bonus (NCB)
| · When renewing the policy, the total premium from the previous year is compared to the renewal premium for the current year. The insured will receive 25% of the lower premium as a no claim bonus. | · Not applicable
|
Sub-Limit
| · No applied | · Applied |
Deductible
| · No applied
| · Applied |
Coverage
| · Fire & Additional Perils can be optional
| · Package Policy as All Risks cover |
Purchasing IAR insurance offers businesses extensive coverage for multiple risks within one comprehensive package. This insurance not only provides broad protection against accidental physical loss or damage but also includes business interruption coverage, which helps maintain your business income and cover ongoing expenses during disruptions. Additionally, IAR Insurance can include third-party liability coverage, protecting your business from legal claims and liabilities.
Yes, you can buy BI with an IAR policy, but BI is an additional cover you can buy by paying additional premium.
No, you cannot receive NCB through IAR insurance. NCB is received in Fire & Allied Perils Insurance and Motor Vehicle Insurance.
For detailed information and clarification, you can reach out to KBZMS Call Center (+959) 9500 77000 if you have any questions.
After receiving the Debit Note, you can pay the premium at the KBZMS offices or directly to KBZMS bank accounts via KBZ bank QuickPay services or other KBZMS designated bank accounts through mobile banking or internet banking, or nearest bank branches of Major banks. Please refer to the Debit Note for the detailed bank account information.
Notify the KBZMS Call Center at (+959) 9500 77000 immediately and let us know the following:
- Brief Details of the Accident
- Location of Accident
- Contact information
The respective claim team will contact you and request any other necessary documents.
The insurance coverage is valid until midnight (12:00) on the expiry date.
