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Commercial Insurance

Industrial All Risk Insurance

IndustrialAllRisk

Key Features

Industrial Assurance, Beyond Boundaries

Coverage Highlights

Get comprehensive protection for your business's growth
  • All Risk Cover

Covers all risks except those explicitly excluded

  • Broad Scope

Provides comprehensive protection making it suitable for diverse risks

  • Coverages for Assets & Operations

Inclusive protection for property damage, accidental damage, business interruption, machinery breakdown, and on-site transit risks

  • Partial Waiver of Under-insurance

Automatic protection against under-insurance upto 15% of the value at risk

  • Nil Depreciation

No depreciation considered for machinery breakdown partial losses

Inclusions

What’s covered?
  • Property Damage

Covers damage to buildings, machinery, furniture, fixtures, fittings, and electrical systems

  • Accidental Damage

Provides coverage for accidental damage to insured property

  • Business Interruption

Compensates for loss in profits due to interruption caused by insured perils

  • Machinery Breakdown

Covers losses due to machinery breakdown, including optional coverage for business interruption due to machinery failure

  • Transit Risks

Covers risks associated with the transit of equipment and machinery within the industrial compound

  • Burglary and Theft

Protects against losses due to burglary and theft

  • Note

Please read policy wording for detailed inclusions

Exclusions

What’s not covered?
  • Normal wear and tear

Damages arising due normal wear and tear due to regular use

  • Design defects

Faulty or defective design, material or workmanship

  • Intentional acts

Losses resulting from intentional acts or willful misconduct by the insured

  • Employee Dishonesty

Losses due to fraudulent or dishonest acts by employee

  • Specific property

Livestock, growing crops or trees are excluded under policy

  • Money and Securities

Money, cheques, stamps, bonds, credit cards, bullion, precious stones, works of art, unless specifically mentioned in the policy

  • Property in Transit

Property in transit other than within the premises specified in the policy

  • Record Exclusions

Goods held in trust or commission, business books, computer records, manuscripts, unless specifically mentioned in the policy

  • War & Nuclear Risk

Losses arising from international war, invasion, civil war, rebellion, revolution, insurrection, or nuclear contamination are excluded

  • Note

Please read policy wording for detailed exclusions

Additional Covers

What else can you get?
  • Escalation Clause

Allows for the adjustment of coverage limits to account for inflation or cost increases during the policy period

  • Omission to Insure

Covers unintentional omissions to insure new additions, alterations, or extensions to the property

  • Many More

Choose from 100+ add-on covers to further enhance your coverage

Industrial All Risk Insurance Policy

Industrial All-Risk Insurance from Bajaj Allianz General Insurance Company provides comprehensive coverage for your business assets against fire, theft, natural disasters, and more. With this All Risk Policy, you can secure complete protection and peace of mind.

Features of Industrial All Risk Policy

Industrial All Risk policies offer comprehensive protection for your business assets against various risks. This insurance is extensive and includes:

  • Comprehensive cover : Protection against physical loss or damage from a wide range of events and Business Interruption, ensuring a broad spectrum of risks are managed.
  • Inclusion of assets : Covering both fixed assets like buildings and machinery.
  • Swift claim settlement : Prioritising quick, efficient claims processing to minimise disruption to your business operations.
  • Flexibility in coverage limits : Allowing you to select limits that match the scale of your operations and risk exposure, making it suitable for businesses of all sizes.

Benefits You Deserve

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Simplified Policy Management

Consolidates multiple coverages into one policy

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All Risk Cover

Opt for all risk coverage for its broad and comprehensive protection

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Business Continuity

Covers interruption losses, ensuring minimal downtime and quick recovery

Key Benefits of the Industrial Policy

The Industrial All Risk policy is essential for safeguarding your business against unpredictable events that could lead to significant financial losses. Some of its benefits are:

  • Financial Security : Provides a safety net against major financial losses so that your business remains solvent after unforeseen events.
  • Business Continuity : Helps reduce business interruption by facilitating quick claim settlements, minimising downtime and loss of income.
  • Wide Coverage : Extends protection to various natural disasters like fire and flood to technical failures such as machinery breakdown.

Sum Insured of Industrial All Risk Insurance Policy

Determining the sum insured for an Industrial All Risk Insurance Policy is a critical aspect of risk management. The sum insured accurately reflects the full replacement value of the insured assets to ensure adequate coverage and avoid potential financial shortfalls due to underinsurance.

  • Accurate Valuation : It's crucial to assess the value of all insured assets correctly to match the sum insured. This includes everything from building structures to machinery and floating assets.
  • Avoiding Underinsurance : Underinsurance can lead to significantly reduced payouts due to the application of the Average Clause, which adjusts claims payouts based on the ratio of the insured amount to the actual total value of the assets.

Eligibility of Industrial All Risk Insurance Policy

Designed for owners of industrial properties, including factories, warehouses, and plants. This policy is ideal for safeguarding substantial investments in physical assets.

Premium of Industrial All Risk Insurance Policy

Premiums depend on the value of insured assets, , and the risk profile of the business. Tailored risk assessments by Bajaj Allianz General Insurance Company provide competitive pricing.

Excess of Industrial All Risk Insurance Policy

The policy includes a deductible, which is the amount the policyholder will bear in case of a claim. This varies based on policy terms and risk assessment.

Download Policy Document

Get instant access to your policy details with a single click.

Why Bajaj Allianz Is a Trusted Choice for Industrial All-Risk Insurance

Choosing Bajaj Allianz for your Industrial All-Risk Insurance needs brings numerous benefits, stemming from their established reputation and forward-thinking approach. Their policies are crafted to offer robust protection and peace of mind.

  • Reliable Insurer : Bajaj Allianz General Insurance Company is known for its strong risk management framework and consistent claim settlement records, which highlight its reliability and commitment to serving clients.
  • Custom Solutions : Understanding that every industry has unique risks, Bajaj Allianz General Insurance Company offers customisable insurance solutions tailored to meet specific requirements and risk exposures of different businesses.

Trusted Risk Advisor

Mobile Self Risk Assessment

PRIME Inspection app helps to evaluate quality of your property (Shop, Office, Plant or Others) having SI upto INR 50 crs. It is simple to navigate having multiple Q & A designed for client

Instant Generation of Risk Report

It helps Provide Risk Recommendations, Risk Quality Rating (RQR), Peer Comparison & GAP Analysis for the client

Step-by-Step Guide

To help you navigate your insurance journey

How to Buy

  • 0

    Visit the Bajaj Allianz General Insurance website

  • 1

    Fill in the lead generation form with accurate details

  • 2

    Get quote, make payment and receive the policy documents

How to Renew

  • 0

    Contact the Policy Issuing Office

  • 1

    Review expiring policy and share necessary details

  • 2

    Receive renewal quote

  • 3

    Make renewal payment

  • 4

    Receive the renewed policy documents via email

How to Claim

  • 0

    Contact us through our customer service touchpoints

  • 1

    Submit the claim form along with the necessary documents

  • 2

    Provide details of the incident and any supporting evidence

  • 3

    Cooperate with the claims investigation process

  • 4

    Receive the claim settlement as per the policy terms

Know More

  • 0

    For any further queries, please reach out to us

  • 1

    Toll Free : For Sales :1800-209-0144

  • 2

    Email ID: bagichelp@bajajallianz.co.in

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What Our Customers Say

Smooth Buying Process

The online policy purchase was quick and seamless. I could easily compare multiple options and choose the best one for my needs. The entire process was hassle-free, and I received my policy instantly.

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Laksh Gupta

New Delhi

4.6

15th Jan 2025

Exceptional Customer Support

The customer support team was extremely helpful and guided me through every step. They promptly answered my queries and ensured a smooth experience. I am happy with the service.

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Jaya Dhawan

Maharashtra

5.0

8th Feb 2025

Instant Policy Issuance

I was amazed at how fast I got my policy. The process was very user-friendly, and within minutes of completing the payment, I received my documents. Highly recommended!

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Manish Garg

Uttar Pradesh

4.8

22nd Dec 2024

Hassle-Free Claims Process

The claim process was smooth and efficient. The team handled everything professionally, making sure I didn’t face any difficulties. It was truly a hassle-free experience.

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Meera Rishi

West Bengal

4.7

3rd Feb 2025

Best Value for Money

The policy offers great coverage at an affordable premium. The features are well-designed, and I feel secure knowing I made the right choice. Great service overall.

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Sujal Sharma

New Delhi

4.9

10th Jan 2025

FAQ

What does industrial all-risk insurance cover?

This policy provides comprehensive protection for industrial properties against risks such as fire, explosion, theft, natural calamities, and accidental damage. It ensures financial stability for businesses by covering both material damage and business interruption losses. Customisable coverage options allow businesses to tailor protection to their specific operational needs, risk exposure, and industry requirements.

Does this policy cover machinery breakdown?

Yes, machinery breakdown is covered under industrial all-risk insurance. If insured equipment or machinery suffers accidental damage, repair or replacement costs are covered, minimising operational disruptions and financial loss. Preventive maintenance and regular inspections can further reduce the risk of breakdowns.

Can loss of profit due to business interruption be covered?

Yes, business interruption due to insured perils is covered. If a covered event halts operations, the policy compensates for lost profits and fixed expenses, helping businesses maintain financial stability until normal operations resume. This coverage ensures continued cash flow, reducing the financial burden on the business.

Are stocks and raw materials included in the coverage?

Yes, stocks, raw materials, and finished goods stored within insured premises are covered against risks like fire, theft, and accidental damage. Businesses can ensure adequate protection by accurately declaring stock value while purchasing the policy. Proper storage practices can also help prevent losses and maintain inventory security.

What is the claim process for industrial all-risk insurance?

In case of a loss, inform the insurer immediately and submit relevant documents, including policy details, loss reports, and damage assessments. A surveyor will evaluate the claim, and once approved, compensation will be provided as per policy terms to aid business recovery. Timely documentation and accurate reporting can help speed up the claim process.

Do we need a separate burglary policy in addition to our IAR policy?

No, the Industrial All Risk policy generally includes coverage for burglary, providing comprehensive protection against theft and unauthorised entry. This integration allows for a unified approach to safeguarding your business assets without additional policies.

Can I include livestock in my IAR policy along with other assets?

Livestock typically falls outside the standard coverage of an Industrial All-Risk policy, which is primarily designed for fixed assets like machinery, buildings, and stocks. For comprehensive protection of livestock, a specialised policy that addresses specific risks associated with animals is recommended.

Is it covered if our machinery is accidentally damaged while being relocated to our on-site facility for overhauling?

Yes, if machinery is accidentally damaged during internal relocation for maintenance or overhauling, it can be covered under the Industrial All Risk policy. This coverage helps ensure that such operational necessities do not expose you to financial risks.

Is the garden on the industrial premises covered by the policy?

Gardens and landscaping are generally not covered under standard Industrial All Risk policies as they focus on insurable interests directly related to industrial operations. Coverage for gardens would require a specific inclusion or a separate policy

Is the MLOP (Machinery Loss of Profit) coverage required in an IAR policy?

While not mandatory, Machinery Loss of Profit (MLOP) coverage is highly recommended as it compensates for the financial impact of downtime caused by machinery breakdowns covered under the policy.

Is FLOP (Fire Loss of Profit) coverage required?

Fire Loss of Profit (FLOP) coverage is advisable for businesses that would face significant operational disruption from fire damage. This coverage helps mitigate the financial strain of decreased production and sales.

What is the duration of the indemnity period, and what does it entail?

The indemnity period in an Industrial All Risk policy is the specific timeframe during which the policy compensates for business interruption losses following a covered incident. Typically, this period extends up to 12 months from the date of the incident, providing financial support during the recovery and rebuilding phases.

Are my workers' acts of fraud or dishonesty covered by the IAR policy?

Acts of fraud or dishonesty by employees are generally excluded from Industrial All Risk policies. Protection against such risks usually requires specific fidelity insurance coverage, which safeguards against financial losses caused by fraudulent acts committed by employees.

Is collision-related damage to motor vehicles covered?

Collision-related damages to motor vehicles are not covered under the standard Industrial All Risk insurance. These require separate motor insurance policies, which are specifically designed to address the liabilities and damages associated with vehicle use and operations.

Should I include the RIV (Reinstatement Value) clause in my IAR policy?

IAR Policies are generally RIV Policies. which are beneficial as it ensures that claims for damaged or destroyed assets are settled based on the cost of replacing the property in new condition, without depreciation deduction.

If I only insure our company's assets for 90% of their value, will there be a claim under the IAR policy?

Insuring assets for less than their full value can lead to reduced claims payouts due to the 'Average Clause' applied in insurance policies. This clause proportionately reduces the claim amount by the 

What is the claim process for property insurance?

In case of a loss, notify the insurer immediately and provide details of the damage. Submit supporting documents like incident reports and any other required document. A surveyor will assess the loss, and once approved, the claim will be settled as per policy terms.

How long does it take to settle a property insurance claim?

The time to settle a claim can vary depending on the complexity of the claim and the documentation provided. Generally, it can take anywhere from a few weeks to several months.

What should I do if my claim is denied?

If your claim is denied, review the denial letter to understand the reasons. You can appeal the decision by providing additional evidence or documentation to support your claim.

Can I claim for temporary accommodation costs?

Yes, many property insurance policies include coverage for additional living expenses if the insured property becomes uninhabitable due to a covered peril, This can cover temporary accommodation costs.

What is a deductible in property insurance claims?

A deductible is the amount you are responsible for paying out of pocket before the insurance coverage kicks in. It is usually specified in the policy and can affect the premium amount.

How often should I renew my property insurance policy?

Property insurance policies are typically renewed annually. It's important to review your coverage and make any necessary adjustments at each renewal.

Can I switch insurers at the time of renewal?

You can’t switch insurers at the time of renewal, but you can opt for a different insurance policy with a new insurer if you feel it’s necessary.

What happens if I miss the renewal date?

If you miss the renewal date, your coverage may lapse, leaving your property uninsured. Some insurers offer a grace period, but it's best to renew on time to avoid any gaps in coverage.

Can I make changes to my policy at renewal?

Yes, you can make changes to your policy at renewal. This includes adjusting coverage limits, adding or removing coverage, and updating any information about the insured property.

Will my premium change at renewal?

Premiums can change at renewal based on various factors, including changes in coverage, claims history, and any updates to the insured property. It's important to review the renewal terms carefully.

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