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Industrial All-Risk Policy (IAR) 

Industrial All Risks (IAR) insurance is a wider cover than traditional “Standard Fire and Special Perils 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:

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Coverage

  • Section-1: 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 the excluded causes)

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  • Section-2: 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

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Add On Covers

  • Agreed Bank Clause

  • Architects, Surveyors and consulting engineers fees clause

  • Designation of Property Clause

  • Escalation Clause

  • Omission to insure additions, alterations and extensions clause

  • Temporary removal of stocks clause

  • Terrorism cover

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