As a factory or plant owner, you put in the maximum possible efforts required to ensure a hassle-free, effective and productive functioning along with the safety of your employees. However, there may still be unfortunate and out-of-hand events like fire, burglary, monsoon flood or even a power failure might occur. In such scenarios, the ???Industrial All Risk Policy??? can help you keep your production process and business secure.
The Industrial All Risk policy covers major damages like disasters and sudden calamities that can lead to shutting down of the factory, and also offers a separate Business Interruption section. The policy, therefore, guards you and your business against the varied risks of loss of profits.
The sum insured by the policy shall be equal to the reinstatement value of the plant without any deduction for depreciation, as on date in the material damage section. Under the business interruption section, the total sum insured will be the annual gross profit of the plant.
The payable premium will depend on risk factors associated with a particular plant such as the nature of the occupancy, construction, location, in-house processes employed, types of fire protection appliances installed, past loss experiences, the kind of goods, deductible and coverage. However, the business interruption rate would depend on the indemnity period, the stand-by machinery, availability of spare or replacement parts and similar factors.?????????????????????
Please read the policy wordings for more information.*Terms & Conditions apply.??????
This Standard Fire and Special Perils Insurance policy covers your furniture, instruments, machinery, buildings, trade stocks, etc. in the case of 12 specific risks mentioned below: -
Anyone who owns a factory or plant can purchase this Industrial Risk Insurance policy by Liberty General Insurance. To know more about the eligibility, inclusions and exclusions, please read the policy wordings.
Manufacturing Units
This Policy covers various assets like Building, Plant and Machinery, Stock, Furniture, Fixtures and other immovable and movable assets against loss or damage due to,
The policy Covers the Insured against sudden and unforeseen physical loss of or damage to the property insured. The policy has 4 section -
1) Property Damage
2) Machinery Breakdown
3) Fire loss of Profit (FLOP)
4) Machinery Loss of Profit (MLOP).
Section I,II, III is mandatory
Section IV is optional for Client
The policy is all Risk policy, there is an provision of 15% of underinsurance in the policy.
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Liberty Mutual Insurance Group Announces
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