Industrial All Risk Insurance Policy

  • Buy Industrial All Risk Insurance Policy in India

If you are running an Industrial Unit, you might be worried about certain risk which can disrupt unit’s daily operations.  There  is  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 A 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  a  Comprehensive all risk insurance policy package which  provides  cover  against  unforeseen  circumstances 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  major  shutdown  or  huge  expenses.  Electronic equipment  and  machineries  are  expensive  and  often  involve  large  sums  invested  in  and  across  vast areas.  Any  major  shutdown  may  lead  to  potential  loss  of  Market  Share  and  this  would  have  long  term percussions.

Scope of cover

  • 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.

Key Benefits

  • Complete coverage for the risks that threaten the industrial unit
  • Covers an exhaustive list of perils under the Material Damage section
  • Option of coverage for Machinery Loss of Profits
  • Loss through interruption and interference of business covered
  • Discount on premium if higher deductibles are chosen

Major Exclusions

  • 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
  • Willful act or gross negligence of the insured
  • Cessation of work, delay
  • War, warlike operations
  • Nuclear risks
  • The destruction of property by order of any public authority

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