Propety Insurance

Industry All Risk Policy

Industrial All Risks Insurance policy has 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.

Coverage is defined into two Sections as follows. Section - I: Material Damage - It 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)

Section - II: 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.

Industrial All Risks Policy Exclusions

This Policy does not cover the loss or damage arising due to:

​Section I

• Faulty or defective design of materials, inherent vice, and wear and tear
• Collapse or cracking of buildings
• Corrosion rust, shrinkage, loss of weight, contamination, etc
• Larceny
• Dishonesty and inventory shortage
• Willful negligence, cessation of work, and loss of market
• War and war group of perils
• Nuclear group of perils
• Destruction of the property by order of public authority

​Section II

• Insureds lack of sufficient capital for timely restoration or replacement of the property lost or damaged
• Any restrictions imposed by any public authority
• Loss of business due to causes such as cancellation of a lease license or order
• Damage to boilers, economizers, machinery, electronic installations and data processing equipment (including any mechanical/electronic breakdown of machinery)