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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.
Protection of assets
Safeguards expensive machinery, equipment, and infrastructure from unforeseen events, reducing financial losses.
Assists in the continuity of operations by covering repair, replacement, and restoration costs in case of damage or loss.
Legal and liability protection
Provides coverage for liabilities arising from property damage or bodily injury to third parties on the insured premises.
Shifts certain risks to the insurance provider, allowing businesses to focus on core operations without constant financial concerns.
Regulatory compliance and contracts
Ensures compliance with contractual or regulatory insurance requirements, safeguarding against potential penalties or legal issues.
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.
Certain specific perils might be excluded, such as nuclear risks, war and civil commotion, terrorism, acts of government authorities, etc.
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.
Damage or losses caused by cyber-related events such as hacking, data breaches, or cyber-attacks.
Damage caused intentionally or wilfully by the insured or its employees.
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.
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
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.
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.
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.