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Industrial All Risks Insurance

Industrial All Risks Insurance

Introduction:

Every successful business needs complete protection against potential loss. Industrial units are exposed to host of risks which can put a break in operation, cause financial burden and leave you hopelessly out of control. SBI General Insurance can help you successfully overcome these situations and put you firmly in control of your business operation and dream. With product like SBI General Industrial All Risks (IAR) Insurance Policy, you can safeguard your assets that you value most.
SBI General Industrial All Risks (IAR) Insurance Policy is targeted at corporate across Industries (large and mid size).

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

Features

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

Add On Coverage

  • 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

Exclusions

  • 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
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