The Policy consists of :
- Section I - Material Damage and
- Section II - Business Interruption
And covers all risks/perils other than those which are specifically excluded.
The cover will include the following perils/covers:
- Fire and all Special Perils
- Machinery Breakdown/Boiler Explosion/Electronic Equipment Insurance
- Business Interruption (Fire and all Special Perils)
The policy in so far as it relates to buildings, machinery, furniture, fixtures, fittings & electrical Installations shall be on Reinstatement Value basis only, while the stocks shall be covered on Market Value basis.
Salient Features of IAR Policy
- No depreciation deducted in machinery breakdown total loss or partial loss claims
- Transit risks within the premises held covered.
- Machinery/ equipment sent for repairs outside the premises upto a period of 60 days
- Waiver of under insurance upto 15%
Excess as mentioned in the Policy schedule.
Following clauses can be attached to the Policy by adjusting or providing additional Sum Insured where applicable.
- Agreed Bank Clause
- Architects', Surveyors' and Consulting Engineers' Fees Clause
- Designation of Property Clause
- Escalation Clause
- Omission to Insure Additions, Alterations or Extensions Clause
- Temporary Removal of Stocks Clause