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Industrial All Risks (IAR) Insurance

Industrial All Risks Insurance (IAR) is a type of insurance policy designed to provide comprehensive coverage for industrial and commercial enterprises against a wide range of risks. It is a specialized form of property insurance that offers protection for physical assets, machinery, equipment, and other property owned by the insured business.

Coverage is defined into two sections as follows

  • Material Damage- It covers accidental physical loss or damage (including machinery breakdown) to the property insured (other than excluded property) due to any cause (other the excluded causes)
  • Business Interruption- It covers loss due to business interruption following a Physical loss or damage to the property covered under material damage section of the policy. Loss of Profits arising out of machinery breakdown is optional

Omission to insure additions, alterations and extensions clause

Escalation Clause

Designation of Property Clause

Temporary removal of stocks clause

Omission to insure additions, alterations and extensions clause

Escalation Clause

Designation of Property Clause

Temporary removal of stocks clause

Omission to insure additions, alterations and extensions clause

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Industrial All Risks (IAR) insurance is a type of insurance policy that covers a wide range of risks associated with industrial and commercial operations. This policy provides coverage for property damage, business interruption, and liability arising from various perils such as fire, explosion, natural calamities, and other hazards.
An IAR policy generally covers risks such as fire, lightning, explosion, storm, tempest, flood, earthquake, terrorism, malicious damage, accidental damage, and other perils as specified in the policy.
The coverage limit for an IAR policy varies depending on the size and nature of the business, the type of coverage required, and the specific policy terms and conditions. The coverage limit is usually determined based on an assessment of the maximum probable loss that could be incurred in the event of a loss.
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