Industrial All Risk Insurance Policy
If you are running an industrial unit, you might be worried about certain risk which can disrupt the unit’s daily operations. There is a cost involved in repairs or replacement or loss may arise due to stoppage of production. Industrial All Risks Policy is a solution that will cover you against all the dangers to which your industrial unit is exposed. Comprehensive coverage for the industrial risks, the Industrial All Risk Policy has an overall sum insured of Rs. 100 crore and above in one or more locations in India.This is Comprehensive All Risk policy package which provides cover against including accidental damage to the property, which a large industry may face during its operation and also consequential losses arising out of the business interruption due to accidental or unforeseen physical loss or damage to property. Minor accidents and breakdowns (or theft) may lead to a major shutdown or huge expenses. Electronic equipment and machineries are expensive and often involve large sums invested in and across vast areas. A shutdown may lead to potential loss of market share and this would have long term percussions.
- Section I: Material Damage
It covers accidental physical loss or damage (including machinery breakdown) to the property insured due to any cause other than those excluded. - Section II: Business Interruption
It covers loss due to business interruption following a physical loss or damage to the property covered and the same is admissible, under material damage section of the policy. Loss of profits arising out of machinery breakdown is optional.
- Complete coverage for the risks that threaten the industrial unit.
- Covers an exhaustive list of perils under the Material Damage section.
- The option of coverage for Machinery Loss of Profits.
- Loss through interruption and interference of business covered.
- Discount on premium if higher deductibles are chosen.
- Interruption of the water supply, gas, electricity or fuel systems or failure of the effluent disposal systems.
- Collapse or cracking of buildings.
- Coastal or river erosion.
- A willful act or gross negligence of the insured.
- Cessation or delay of work.
- War or warlike operations.
- Nuclear risks.
- The destruction of property by order of any public authority.
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