Coverage:

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
• Burglary
• Machinery Breakdown/Boiler Explosion/Electronic Equipment Insurance
• Business Interruption  (Fire and all Special Perils)

Sum Insured

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%

Compulsory Deductibles

Excess as mentioned in the Policy schedule.

Additional Clauses

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