1. INDUSTRIAL ALL RISKS POLICY
Presentation

2. BENEFITS UNDER I.A.R. POLICY
ON PAR WITH INTERNATIONAL PRODUCT
ALL RISKS WITH WIDEST COVERAGE.
ELIMINATION OF DEPRECIATION FOR MATERIAL DAMGES CLAIMS
COST REDUCTION THROUGH ADDITIONAL DISCOUNTS - SECTIONS
UNDER INSURANCE TO THE EXTENT OF 15% IS WAIVED UNDER SECTION-I
TURBINE WARRANTY, EXCESS FOR CRANK SHAFT, ETC., NOT APPLICABLE FOR MACHINERY BREAKDOWN LOSS
LIST OF EXCLUDED ITEMS APPLICABLE UNDER CONVENTIONAL MB POLICY STANDS DELETED.
NO EXTRA PREMIUM FOR THEFT/ BURGLARY/ TRANSIT RISKS WITHIN THE COMPOUND.
FIRE LOP IS IN-BUILT AND MLOP IS OPTIONAL.
ADDITIONAL DISCOUNT FOR FIRE LOP
EXTENSIONS UNDER LOP FOR FOUS (FAILURE OF UTILITY SERVICES) AND SUPPLIERS AND CUSTOMER PREMISES MAY BE OBTAINED AT AN ADDITIONAL PREMIUM

3. POLICY HAS 2 SECTIONS SECTION I MATERIAL DAMAGE SECTION II
BUSINESS INTERRUPTION

4. SCOPE OF COVER: SECTION - I MATERIAL DAMAGE
ALL TYPES OF ACCIDENTAL & PHYSICAL LOSSES OTHER THAN THE NAMED EXCLUSIONS

5. INCLUDES THE FOLLOWING
SCOPE OF COVER
INCLUDES THE FOLLOWING
PERILS COVERED UNDER STD. FIRE & ALLIED PERILS,
MACHINERY BREAKDOWN.
BURGLARY
BUSINESS INTERRUPTION

6. SUM INSURED - SECTION-I
For building plant and machinery, furniture, fixtures and fittings on Reinstatement Value basis
For stocks on Market value basis

7. EXCLUSIONS - SECTION - I
EXCLUDED CAUSES
EXCLUDED PROPERTIES

8. EXCLUDED CAUSES
FAULTY OR DEFECTIVE DESIGN OF MATERIALS OR WORKMANSHIP, WEAR AND TEAR
LOSSES DUE TO F.O.U.S.
COLLAPSE OR CRACKING OF BUILDINGS

9. Larceny, Acts of fraud, unexplained inventory shortage
EXCLUDED CAUSES (Contd…)
Corrosion & rust
Larceny, Acts of fraud, unexplained inventory shortage
Willful negligence, cessation of work, loss of market
War group of perils
Nuclear group of perils
Destruction of the property by order of public authority

10. EXCLUDED PROPERTY
Money, cheques, securities of any description, goods held in trust or on commission, computer system records unless specifically covered.
Vehicles licensed for road use
Property in transit outside the premises

11. EXCLUDED PROPERTY (Contd…)
Property or structures in the course of construction, demolition or erection
Land, pavements, roads, runways, railways lines, etc., unless specifically covered
Growing crops or trees
Property damage as a result of its undergoing any process

12. EXCLUDED PROPERTY (Contd…)
Property removed to other locations for a period exceeding 60 days
Property undergoing repair/ alteration/ testing
Property more specifically insured
Property insured under a Marine Policy

13. SECTION - II BUSINESS INTERRUPTION
SCOPE OF COVER
LOSS OF GROSS PROFITS (MLOP OPTIONAL)
INCREASE IN COST OF WORKING

14. SUM INSURED - SECTION II
EXTRACTED FROM THE PREVIOUS YEAR’S PROFIT & LOSS ACCOUNT
FACILITY OF RETURN OF PREMIUM CLAUSE

15. EXTENSIONS - SEC II Customers’/Suppliers’ Premises
FOUS (Gas, Electricity, Water Supply) at terminal ends
Option to Buy Back BI (Engg. portion) viz, BI due to MB, Boiler explosion, EEI.

16. EXCLUSIONS UNDER SECTION-II
Insured’s lack of sufficient capital
Any restrictions imposed by any public authority
Loss of business due to causes such as cancellation of a lease, licence or order etc.
Damage to Boilers, economisers, machinery, electronic installations and data processing equipment & MB of machinery
N.B: Arising out of the above - MLOP Buy Back.

17. Important Conditions – Bearing on Claims Admissibility
Forthwith notification and to furnish, within 15 days, an account of loss and particulars of all other insurances, if any.
Temporary repairs only with consent (material alteration exclusion may be invoked for subsequent claim if any before permanent repair)
Reinstate within 12 months or within extended time
12 months disclaimer period has to be borne in mind.