Corporate Insurance

Industrial All Risk Insurance Policy

Highlights

This policy is a Compehensive Package Policy which covers almost all risks and perils, which a large industry may face during its operation.

This policy covers Buildings, Machinery, Furniture, Fixtures, Fitting & electrical installations on Reinstatement value, while the stock is covered on market value basis.

Underinsurance on each item of the schedule will be ignored if it does not exceed 15% of sum insured. Policy also covers equipments and machinery sent for repairs outside the premises for a period of 60 days. Transit risk inside the compound of an industry is also covered.

Covered Risks

• Bursting and overflowing of water tanks, apparatus and pipes,
• Deterioration of stocks due to power failure following damage to premises of public power stations and electric service feeders (for Cold Storages),
• Forest fire,
• Leakage and Contamination cover,
• Spoilage Material Damage cover,
• Sprinkler leakage cover,
• Subterranean fire,
• Spontaneous and Landslide cover,
• Burglary (other than Larceny),
• Machinery Breakdown/Boiler explosion/Electronic Equipment,
• Business Interruption following fire,
• Business Interruption following Machinery Breakdown

Exclusions

• Damage to the property caused by faulty or defective design materials or workmanship, inherent vice, wear and tear etc.
• Interruption of water supply, gas, electricity or fuel systems.
• Collapse or cracking of the building.
• Willful act or gross negligence.
• War, Invasion, mutiny, rebellion, revolution etc.
• Damage direct or indirect by nuclear weapons material and contamination by radioactivity.

Note : Policy details given are indicative, not exhaustive. Please contact your nearest Arunaya office for further details.