Eligibility Criteria

Sum Insured should be more than Rs.100 Crores at one location and many locations can be clubbed together.

Policy Structure

• Section – I - Material Damage which includes Fire & Allied perils, theft, Burglary, Machinery Breakdown, Boiler Explosion, Electronic equipment, etc
• Section – II - Business Interruption - Fire Loss of Profit and Machinery Loss of Profit (MLOP is optional).

Coverage

IAR is an all Risk policy subject to specified exclusions in the policy. Wording is as par with international wordings.

Sum Insured

Sum Insured for fixed asset should be Reinstatement value of the property whereas stocks value should be on the market value under material damage section. Under business interruption section sum insured must be equivalent to gross profit.

Cover is subject to under insurance. Underinsurance block-wise/item-wise up to 15% is ignored.

In the event of claim, no depreciation on parts with limited life or Total Loss.

Rating

Follow the rating pattern of Standard fire & special perils, engineering insurance and business interruption cover as per the erstwhile tariff.

Excess

Material Damage Section: 5% of the claim amount subject to minimum of Rs.5 lacs for each & every loss.

Business Interruption: 3 days gross profit subject to minimum of Rs.5 Lacs.

View Non-Motor Claims Procedure

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