What is Industrial All Risks Insurance?
Industrial All Risks Insurance provides financial compensation to any Industrial Organisation (other than Petrochemical units) having overall Sum Insured of Rs.100 Crs and above in any or more locations in India combined together, against accidental loss or damage to your plant, machinery, stock and building and against loss for consequential business interruption. It is a Package Policy for industrial units covering
Section I (Material Damage)
• Loss of Net Trading Profit
• Standing Charges
• Loss in Respect of Wages other than those covered by the Standing Charges
• Increased Cost of Working and Auditor’s Fees.
Section II (Business Interruption)
• Loss of profit due to machinery loss of profit (optional)
• Loss of profit other than machinery loss
What is the benefit of Industrial All Risks Insurance?
Mainly, it is convenient to have ONE policy; instead of having separate policies for Fire, Burglary, Machinery Breakdown, Boiler Explosion, Electronic Equipments’ Breakdown, Loss of Profit due to Fire and Machinery Loss of Profit, altogether seven policies. This is the reason for making it popular with Industrial Units.
Who is it for?
Other than any Industrial Unit in Petro-Chemical sector, all other Industrial Unit having more than requisite Sum Insured can avail benefits and convenience of this popular Package Insurance.
Approximate cost of this Insurance?
Like any other Insurance Solution, the rating under this Package Insurance depends on various factors like nature of industrial unit to location to sum insured selected under various sections etc. and the last being the deductibles selected. But in essence, it goes cheaper to get covered under this Package solution than going for separate policies.
Claim procedure under this Insurance.
Depending upon, under which section of the policy claim is reported, all standard and conventional claim procedures for that insurance are applicable like if the claim occurs under Fire, claim procedures normally followed for Fire Insurance will have to be followed and may vary here and there for different Insurance Companies.
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