Industrial All Risk Insurance
Industrial All Risk (IAR) insurance is a comprehensive form of property insurance that provides coverage for a wide range of risks and perils that an industrial unit or manufacturing facility may face. It is designed to protect businesses from various unforeseen events that could result in physical damage or loss to the insured property. The policy offers a comprehensive and customizable solution to safeguard industrial businesses against potential financial losses, enabling them to mitigate risks and continue operations with confidence.
What do you mean by Industrial All Risk?
Industrial All Risk (IAR) insurance is a specialized policy designed to protect industrial and manufacturing facilities from a wide range of risks and perils that may lead to physical damage, loss, or business interruption. Unlike traditional property insurance, which often covers specific named perils, IAR insurance provides comprehensive coverage for a broader spectrum of risks, including natural disasters, fire, explosion, equipment breakdown, and other unforeseen events that may cause damage to industrial properties.
Key Coverage Areas of Industrial All Risk Insurance
- Property Damage Coverage: : The IAR policy covers physical damage to industrial properties, including buildings, machinery, equipment, and other assets, resulting from a wide range of perils such as fire, natural disasters, explosions, and accidental damage.
- Business Interruption Coverage: In addition to property damage, the policy also provides coverage for business interruptions resulting from the insured perils, ensuring that the financial losses incurred during the downtime are compensated.
- Machinery Breakdown Coverage: IAR insurance often includes coverage for machinery breakdown, offering financial protection against the costs associated with repairing or replacing critical machinery and equipment.
- Additional Perils Coverage: The IAR policy also offer coverage for additional perils such as riots, strikes, malicious damage, storm, typhoon, flood, terrorism etc and other unforeseen events that may result in physical damage or loss to the insured industrial property.