What is Industrial All Risks?
- Covering physical damage to the insured property from following accidents which are not included in the exclusion of the insurance policy
- Natural perils such as windstorm, hail, flood, earthquake, wildfire
- Other perils such as fire, lightning, smoke, explosion, water damage, Collision with vehicle or aircraft devices or articles dropped therefrom, riot, strike, brutal act, malice
- Accidents such as products fall down, machinery has been damaged from collision by forklift, etc.
Our standard cover includes:
Under Section 2 - loss of profit, loss of revenue or loss of rental income can be covered. Cover is also for an additional cost of working incurred in consequence of the material damage loss. Insufficient capital, restrictions imposed by Public Authorities, loss due to lack of orders etc. are not covered under the policy.
This is a single policy that covers loss or damage to property under Section 1 and loss of income or profits caused by an interruption in consequence of an indemnifiable material damage loss, under Section 2.
Under Section 1: all personal and real property can be covered, such as buildings, renovation and improvements, furniture, fixtures and fittings, office equipment, plant and machinery, Stock in Trade etc. The policy also excludes cover for losses due to faulty design, larceny, fraud or dishonesty, wilful negligence, war and terrorism, nuclear and radioactive contamination and a few other perils.
Under Section 2: in the event of accidental physical loss or damage to any building or other property or any part thereof used by the insured at the premises for the purpose of the business and the business carried on by the insured at the premises be in consequence thereof interrupted or interfered with. UAP will pay to the insured in respect of each item in the schedule the amount of loss resulting from such interruption or interference in accordance with the provisions contained therein.
- Excess amount specified
- Terrorism, unless specifically covered
- War, warlike operations and nuclear perils
- Damage to exchangeable tools or parts
- Any fault or defect existing at the time of commencement of the policy
- Loss or damage discovered only at the time of taking an inventory
- Loss or damage due to explosion of any boiler or pressure vessel, subject to internal steam or fluid pressure, or of any internal combustion engine
- Loss or damage while in transit from one location to another
- Loss or damage due to total or partial immersion in tidal waters
- Loss or damage due to abandonment of any plant and/or machinery working in underground mines or tunnels
- Damage due to wear and tear, corrosion, rust, etc.
- Loss or damage due to electrical or mechanical breakdown, failure, breakage or derangement, freezing of coolant or other fluid, defective lubricant or lack of oil or coolant
- Policy does not cover loss or damage due to:
- Electrical or mechanical breakdown
- Pre-existing defects
- Defective lubrication or lack of oil or coolant
- Any sort of damage for which the manufacturer or supplier is responsible
- Any consequential loss
- Loss or damage to vehicles used for general road use, unless working on the specified construction site
The policy does not pay for certain contingencies/damages as below: