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| General Insurance |
Industrial All Risks Insurance
This
is a package policy covering all Industrial Risks (other than risks
rateable under Petrochemical Tariff) having overall Sum Insured of Rs.
100 crores and above in one or multiple locations in India
The Policy offers protection due to
Section I (Material Damage)
- Fire and Special Perils including Flood, Storm, Cyclone and Inundation perils
- Earthquake (Fire & Shock)
- Machinery Breakdown, Boiler explosion, Electronic Equipment
Section II (Business Interruption)
- Consequent upon operation of Fire perils
- Consequent to machinery breakdown (optional)
Compulsory Deductibles
- Section I (Material Damage) 5% of the claim amount subject to minimum of Rs. 5 lakhs and maximum of Rs. 50 lakhs
- Section II (Business Interruption) Fire Three days gross profit subject to minimum of Rs. 5 lakhs and maximum of Rs. 50 lakhs
Machinery Breakdown
Depends on the type of industry and claims experience
Voluntary Deductibles
- As prescribed under IAR tariff
You can opt for the following extensions-
- Architect's Surveyors and consulting engineer's fees
- Designation of property clause
- Escalation
- Omission to insured Additions, Alternations or Extensions
- Temporary Removal of stocks
Discounts available
Section I & II (excluding MBLOP)
- Claims experience upto maximum of 15%
- FEA upto maximum of 10%
Section II
- 10% on FLOP rate including all extensions
Overall claims experience discount ranging from 5% to 25%
Basis of Insurance :
All your buildings, plant & machinery, furniture, fixtures,
fittings and electrical installations shall be on reinstatement value
basis Your stocks shall be on market value basis. Stocks have to be
covered for a specific sum insured, no declaration facility available.
The policy ignores under insurance on each to the extent of 15%
Note : The rates and terms are governed by the Tariff |
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