Industrial All Risks Insurance

The policy covers the following assets based on their replacement value:

– Building (excluding land value)

– Factory, machinery, and equipment

– Contents (furniture, fixtures, and fittings)

– Commodities (finished goods, raw materials, and production materials)

The policy provides coverage for:

– Fire

– Lightning

– Explosion

– Damage by aircraft

– Theft (with violence or forced entry only)

– Windstorm, hurricane, cyclone, typhoon

– Flood

The policy does not cover:

– Political risks and impacts such as war and violence

– Sanctions

– Cost of repairing equipment due to faulty workmanship or design

– Contamination caused by radioactive mining, chemicals, or biological materials

– Damage caused by biological, chemical, or electromagnetic weapons

– Damages due to cybersecurity breaches and technical failures

– Losses due to infectious diseases such as COVID-19

Business Interruption : Covers replacement coverage for the highest income earners of the business, including:
– Salary
– Gross profit

– Building owners

– Business owners

– Typically 1 year, with the option to extend annually before the policy expires.

The premium depends on factors such as:

– Location hazard level

– Nature of the business

– Security management

– Fire extinguishing system construction

– One-time payment system

To purchase insurance, you need:

– Proposal form

– Location of the hazard

– Type of residence and building

– Fire protection equipment and safety measures

– Detailed claims experience of the last 3 years

– Risk assessment report (if available)

– Building location model

– Detailed list of insured values in a formal way