Industrial All Risks Insurance Policy

Key Feature

All risks cover - broad coverage to the customer
Two-part (sectionalized) policy, removing the need for separate policies to be taken by the customer
Basis of valuation (other than stock ) is on Reinstatement Value basis

Coverage

Sum insured limits applicable to property types
The coverage is on all risk basis subject to specific exclusions
There are two Sections in the Policy :
Section I - Material Damage and
Section II - Business Interruption
Agreed Bank Clause
Architects, Surveyors and consulting engineers fees clause
Designation of Property Clause
Escalation Clause
Omission to insure additions, alterations & extensions clause
Temporary removal of stocks clause

Exclusion

The Company will not be liable under the Policy in respect of loss or damage due to
a - i) faulty or defective design materials or workmanship inherent vice latent defect gradual deterioration deformation or distortion or wear and tear

a - ii) interruption of the water supply gas electricity or fuel systems or failure of the effluent disposal systems to and from the premises

unless Damage by a cause not excluded in the Policy ensues and then the Company shall be liable only for such ensuing Damage.
b - i) collapse or cracking of buildings

b - ii) corrosion rust extremes or changes in temperature dampness dryness wet or dry rot fungus shrinkage evaporation loss of weight pollution contamination change in colour flavour texture or finish action of light vermin insects marring or scratching unless such loss is caused directly by damage to the property insured or to premises containing such property by a cause not excluded in the Policy.
c) Property damaged as a result of its undergoing any process

d) Property undergoing testing installation including materials and supplies thereof if directly attributable to the operations of work being performed thereon unless Damage by a cause not otherwise excluded ensues and then the Company will be liable only for such ensuing loss

e) Vehicles licensed for road use (including accessories thereon) caravans trailers railway locomotives or rolling stock watercraft aircraft spacecraft or the like

f) Property in transit other than within the premises specified in the Schedule

g) Property or structures in course of demolition construction or erection and materials or supplies in connection therewith