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All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.50 crores and above in one or more locations in India shall be eligible for Industrial risk.
Scope of cover:
All industrial risks (other than risks ratable under Petrochemical Tariff) having overall Sum Insured of Rs.50 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.
Section I: Material Damage:
a) Standard Fire & Special Perils
b) Burglary
c) Machinery Breakdown/ Boiler Explosion/Electronic Equipment Insurance
Section II: Business Interruption
a) a) Fire Loss of Profit
b) Optional Cover: Machinery Loss of Profit
Sum Insured
a) The policy in so far as it relates to Buildings, Machinery, Furniture, Fixtures, Fittings & Electrical Installations shall be on Reinstatement Value basis only, while the Stocks shall be covered on Market Value basis. However, the facility of declarations for stocks shall not be available under the IAR Policy.
b) The Policy shall be subject to condition of average. However, Under Insurance on each item of the schedule will be ignored if it does not exceed 15% thereat.
Specific Exclusion:
1) Faulty or defective design materials or workmanship inherent vice latent defect gradual deterioration deformation or distortion or wear and tear
2) Interruption of the water supply gas electricity or fuel systems or failure of the effluent disposal systems to and from the premise.
