Industrial All Risk Insurance: Protect your Plant & machinery

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What is Industrial All Risk (IAR) Policy?

Industrial operations face potential risks such as material damage, machinery breakdowns, and business interruptions that can result in substantial financial losses. The Industrial All Risk (IAR) Policy serves as a comprehensive solution to safeguard businesses from these implications, offering broader coverage compared to a Standard Fire and Perils policy.

D&O insurance

Why do you need Industrial All Risk Insurance?

Tailored Protection

Protection of assets

Safeguards expensive machinery, equipment, and infrastructure from unforeseen events, reducing financial losses.

Expert Guidance

Business Continuity

Assists in the continuity of operations by covering repair, replacement, and restoration costs in case of damage or loss.

Competitive Pricing

Legal and liability protection

Provides coverage for liabilities arising from property damage or bodily injury to third parties on the insured premises.

Innovative and Agile

Risk management

Shifts certain risks to the insurance provider, allowing businesses to focus on core operations without constant financial concerns.

Innovative and Agile

Regulatory compliance and contracts

Ensures compliance with contractual or regulatory insurance requirements, safeguarding against potential penalties or legal issues.

What are the coverages included in the IAR Policy?

Here are the common inclusions of an IAR policy:

Material damage coverage

Buildings, machinery, fixtures, inventory, etc., caused by various perils such as fire, explosion, natural disasters, accidental damage, etc.

Business interruption coverage

Compensation for financial losses due to interruptions in business operations caused by insured perils.

Machinery breakdown coverage

Coverage for sudden and unforeseen physical damage to machinery, requiring repair or replacement.

Rider covers

Additional coverages like coverage for loss of profits due to delays in project completion, cost escalation, professional fees, and increased work costs.

What are the exclusions in an IAR insurance policy?

Here’s what is typically not covered in an industrial all-risk insurance policy:

Wear and Tear

Damage caused by gradual wear and tear, gradual deterioration, or inherent vice in the insured property.

Faulty Design or Workmanship

Damage from defective design, faulty workmanship, or inadequate maintenance.

Specific Perils

Certain specific perils might be excluded, such as nuclear risks, war and civil commotion, terrorism, acts of government authorities, etc.

Consequential Losses

Losses due to loss of market, consequential economic losses, and losses caused by delay, unless specifically covered.

Dishonesty or Fraud

Losses due to fraudulent activities, theft, dishonesty, or inventory shortages caused by internal factors like employee fraud, etc.

Cyber Risks

Damage or losses caused by cyber-related events such as hacking, data breaches, or cyber-attacks.

Intentional Damage

Damage caused intentionally or wilfully by the insured or its employees.

Why buy the Industrial All Risk (IAR) Policy from Pazcare?

Prevent financial setbacks

Choose your insurer and offerings

Pazcare provides you with quotes from top insurance companies for your IAR insurance policy. Hence, you can choose the insurer and also get customized coverage.

Win the Trust of Investors

Dedicated account managers

Have questions or require assistance with your IAR insurance policy? A dedicated account manager from Pazcare will guide you through your questions

Keep your personal finances safe

24X7 customer assistance

Pazcare’s customer support team makes sure that you are provided with 24/7 customer service in case of queries, policy assistance, or claims.

Frequently asked questions around Industrial All Risk Insurance

What does the Industrial All Risk (IAR) Policy cover?

An IAR Policy provides comprehensive coverage against a wide range of perils such as fire, natural disasters, machinery breakdowns, business interruptions, and material damages to properties, buildings, machinery, and inventory.

Can small or medium-sized businesses opt for an IAR Policy?

While IAR Policies are typically designed for larger industrial risks, insurance providers may offer tailored solutions or packages suitable for small to medium-sized enterprises (SMEs) with varying coverage options to suit their needs.