What is Industrial All Risk Insurance? 

Industrial All Risk (IAR) Insurance is a comprehensive insurance solution designed to protect industrial and commercial enterprises against a wide range of risks. It covers almost all types of risks and perils that could cause significant financial loss to industrial operations, including property damage and business interruption.

Who Needs Industrial All Risk Insurance? 

This insurance is ideal for large-scale industries, manufacturing units, and commercial enterprises with complex operations. It’s particularly beneficial for businesses that require extensive coverage due to the scale, value, or nature of their assets and operations.

Key Features of Industrial All Risk Insurance

  1. Property Damage Coverage:
    • Provides coverage for physical loss or damage to buildings, machinery, stock, and other property due to covered perils like fire, explosion, natural disasters, and more.
  2. Business Interruption:
    • Covers loss of gross profit due to business interruption caused by insured perils. This includes fixed costs, payroll, and loss of income until the business is fully operational again.
  3. Machinery Breakdown:
    • Protects against the financial loss from sudden and unforeseen breakdowns of machinery and equipment that are crucial to operations.
  4. Theft and Burglary:
    • Covers losses resulting from theft, burglary, or attempted theft of insured property.
  5. Natural Catastrophes:
    • Includes coverage against earthquakes, floods, storms, and other natural disasters, ensuring that your business can recover quickly from such events.
  6. Third-Party Liability:
    • Provides coverage for legal liability arising from accidental injury to third parties or damage to third-party property caused by your business operations.
  7. Terrorism Coverage:
    • Optional coverage that protects against losses caused by acts of terrorism.

What Does Industrial All Risk Insurance Not Cover?

While IAR insurance provides extensive coverage, certain exclusions typically apply:

  • Wear and Tear: Damage due to normal wear and tear or gradual deterioration.
  • Manufacturing Defect: Manufacturing Defect 
  • Nuclear Risks: Loss or damage due to nuclear reactions, radiation, or radioactive contamination.
  • Intentional Acts: Losses arising from deliberate, willful, or intentional acts by the insured.
  • War and Political Risks: Damages caused by war, invasion, rebellion, or other political risks (unless specifically covered).

How to Obtain Industrial All Risk Insurance

  1. Risk Assessment: Begin with a detailed assessment of your industrial operations through risk inspections of the premises which need to be insured. 
  2. Policy Customization: Work with our experts to tailor a policy that covers all potential risks specific to your industry.
  3. Premium Calculation: Based on the assessment, we’ll calculate a competitive premium that provides maximum coverage within your budget.
  4. Policy Issuance: Once the terms are agreed upon, the policy is issued, ensuring immediate protection for your business.
  5. Ongoing Support: We provide continuous support, including risk management advice and assistance with claims in case of any.

Why Choose for Industrial All Risk Insurance?

Industrial All Risk Insurance is a one stop solution for covering various risk exposures of an operational plant. A single policy will be issued for covering Fire, Burglary, Machinery Breakdown, Fire Loss of Profit and Machinery Loss of Profit.