Features & Benefits
Requirements: Running a plant or factory requires a great amount of effort and dedication. The production process can be very delicate and needs attention to detail. You and yours workers must take every precaution to ensure safety is maintained and risks of accidents are minimised. But there is still a chance, however low, of an accident that damages your property or causes you losses. These are things beyond your control like a fire, monsoon flood, burglary or a power failure. Such incidents can not only damage your property and premises but also slow down or stop production altogether. That’s why you need the
“Industrial All Risk Policy”.
Benefits: The Industrial All Risk policy will protect you against unforeseen circumstances that could damage your plant. This damage may even lead to a shutdown of the factory and cause work to stop. To guard against the risk of loss of profits, the policy even offers a separate Business Interruption section.
Sum Insured: The sum insured should be the reinstatement value of the plant as on date in the material damage section of this policy, without any deduction for depreciation. Under business interruption, the sum insured should be the annual gross profit of the plant.
Premium: The amount of the premium you pay will depend on certain risk factors. The key risk factors would be the nature of the occupancy, location, process, construction, types of fire protection appliances, the nature of goods, past loss experience, deductible and coverage. There would be other influencing factors like the age of the asset, the surrounding exposure, electrical fittings, maintenance, etc. The business interruption rate would depend on factors like indemnity period, availability of spare or replacement parts and stand-by machines, etc.
Please read the
policy wordings for more information.
*Terms & Conditions apply.