Mega Risk Insurance

Industrial All Risk (IAR) product was designed to keep in mind the typical requirement of large industrial establishment The IAR policy is on exclusion based policy covering the Material Damage, Loss of Profit, Burglary and Machinery Breakdown. However, very large risks like Petrochemicals, Power, Steel, and Oil & Gas Industry require specialized and customized insurance policy.

Mega Risk Insurance Policy which caters to Large Manufacturing Units with single location risk sum insured greater than 2500 Crores Rs, provides a special customization of risks to comprehensively cover all the risks under a single Umbrella Policy.

The Insurance Policy covers:
  • Material Damage
  • Business Interruption due to Fire
  • Machinery Breakdown (MBD)
  • Business Interruption due to MBD
  • Electronic Equipment
  • Boilers/Economizers Explosion Cover
  • Burglary
  • Transit Insurance within Premises
  • Liability
Besides the above, hosts of add-ons as suitable to the type of industry can be customized. Some of those include removal of debris, architecture Fees, Molten Metal, Leakage, Contamination, Spontaneous Combustion, Property Under Care and Custody, Start-Up/Shut Down expenses, Cost of demolition, Cleaning Expenses, Betterment Cost, tenants and neighbours legal liability and many more.

The property to be covered can be customized to include the planning’s, drawings, fine arts, money & security in safe, employee belongings,

The policy can also be customized for the Valuation Basis of Assets as well as the Basis of Loss Settlement for individual component of sum insured.

The Policy can be customized to specific need of the type of industry. The policy requires home work related to Valuation of Assets, Extremely Detailed Risk Inspection and Analysis, Probable Maximum Loss Calculation and a comprehensive claims process in place.