Industrial All Risks Insurance
Enjoy a wide scope of cover on your property with an Industrial All Risk policy that encompasses accidental loss and property damage. This includes damage caused by fire, flooding, earthquakes, etc.
Product Highlights
Industrial All Risks Insurance provides protection against unforeseen and sudden physical loss or damage, except for risks explicitly excluded in the policy. It also offers financial loss coverage for the following:
Material Damage Cover
Provides protection for properties and machinery based on their replacement value, with stocks covered at their market value, ensuring coverage according to the insured value.
Business Interruption Cover
Offers compensation for loss of business income caused by perils insured under Section – I – Material Damage of the policy.
Third-Party Liability
Covers legal liabilities arising from accidental third party bodily injury, death, or physical loss or damage to third party property in connection with the Insured’s business.
Premium Rate
Premium rates are determined based on factors such as:
Risk location
Nature of the business
Security management
Fire protection and security measures
Risk assessment report
Breakdown of sum insured value
Detailed claims experience over the past 3 years, etc.
Coverage & Benefits
What is covered
Insurance Eligibility
What Can Be Insured
1) Material Damage
Property Based on Replacement Value :
Building: Excluding land value.
Factory, Machinery, Equipment, and Related Materials.
Contents: Includes furniture, fixtures, and other materials.
Stocks with market price: including raw materials, work-in-progress and finished goods, which can be insured with following options.
Stock Coverage Options:
Fixed Policy: Provides coverage based on a pre-determined sum insured, agreed upon at the policy’s inception, ideal for businesses with consistent inventory levels.
Declaration Policy: An annual policy offering flexible coverage for businesses with fluctuating inventory. The sum insured is adjusted monthly based on declared values, aligning with the market value at the time of loss.
Note: The declaration policy is designed for long-term (one-year) coverage and is not suitable for short-term insurance needs.
2) Business Interruption
Loss of Business Income: Coverage for income lost due to interruption from an insured perils.
Payroll: Ensures payment of wages during the interruption period.
Gross Profit: Compensation for loss of profits directly linked to material damage.
Professional Fees: Coverage for additional costs incurred to mitigate the interruption or expedite the resumption of business operations.
Additional Increased Cost of Working: Coverage for extra expenses incurred to continue operations during the interruption period.
3) Third-Party Liability
Legal Liabilities: Protection against claims for:
Accidental Bodily Injury or Death: Coverage for claims made by third parties.
Accidental Property Damage: Covers physical loss or damage to third party property.
Legal Costs: Coverage for legal expenses incurred while defending against claims related to the above.
Who can be insured?
1) Material Damage
Property owners or anyone with an insurable interest.
2) Business Interruption
Business that require protection against income loss due to a covered events
3) Third-Party Liability
Any business that interacts with third parties, including customers, suppliers, and the public.
Period of Insurance:
Standard coverage period is 1 year.
