Industrial All Risk Policy
Industrial All Risks Insurance is a wider cover than traditional “Standard Fire and Special Peril Insurance policy”. It is an all risk policy covering a wide range of perils such as fire and allied perils, burglary, accidental damage, breakdown as well as business interruption. There are, in general, 2 components to these policy.
- Material Damage
Covers accidental physical loss or damage (including machinery breakdown) to the property insured (other than excluded property) due to any cause (other than excluded causes).
- Business Interruption
It covers loss due to business interruption following a Physical loss or damage to the property covered under material damage section of the policy. Loss of Profits arising out of machinery breakdown is optional.
- Agreed Bank Clause
- Architects, Surveyors and consulting engineers fees clause
- Designation of Property Clause
- Escalation Clause
- Omission to insure additions, alterations & extensions clause
- Temporary removal of stocks clause
- Terrorism Cover