INDUSTRIAL ALL RISKS
Perfect for small and big industrial complex
Industrial All Risks (IAR) insurance is a comprehensive package policy designed to protect large industrial operations from a wide range of potential risks. It typically covers material damage to assets like buildings, machinery, and stock, as well as business interruption losses resulting from those damages.
IAR policies often incorporates the following risks:
Perils covered:
- Fire
- Burglary
- Machinery Breakdown
- Electronic Equipment
- Business Interruption
Cover Flexibility
IAR policies can be tailored to the specific needs of an industry, with options to include additional covers like machinery breakdown or electronic equipment breakdown.
Comprehensive Coverage
IAR policies aim to provide broad protection by covering a wide range of risks that a large industry might face, often including fire, theft, accidental damage, and business interruption.
Dual-Stage Protection
Many IAR policies offer a two-stage approach, first covering material damage to assets and then compensating for loss of income or profit due to the damage
Material Damage
This covers the physical loss or damage to insured assets like buildings, machinery, equipment, furniture, and stock
Examples of what may be covered:
- Damage to buildings, machinery, and equipment due to fire, explosion, or accidental damage.
- Loss of stock due to theft or damage.
- Loss of profits due to business interruption caused by a covered event.
- Damage to furniture, fixtures, and fittings.
- Loss of income or revenue due to business interruption.
Examples of what may be excluded:
- Losses due to faulty design, workmanship, or construction.
- Losses due to war, terrorism, or nuclear contamination.
- Losses due to willful negligence or dishonesty.
- Losses due to electronic or mechanical breakdown (may require separate coverage).
- Losses of money, securities, or jewelry.