Every business owner needs to address the typical risks prevailing at an industrial unit or manufacturing facility. These are the dangers such as fire, equipment failure, boiler explosion, etc. Any of these can cause loss of profit and disruption of your operation.The Bharti AXA Industrial All Risks Insurance Policy is the best protection for your business against these risks.

Presenting the Industrial All Risks Insurance Policy

This is a Package Policy providing cover against Material Damage and Business Interruption of a business enterprise. This policy provides cover against all risks/ perils other than those which are excluded in the Policy.
The Policy in its widest form will include the following perils/covers:

• Loss of net trading profit
• Standing charges (continuing fixed expenses)
• Loss in respect of wages other than those covered by the standing charges.
• Increased cost of working
• Auditor's fees

What does this Policy cover?

The Policy offers coverage under two sections:

Section I - Material Damage

Fire and allied perils, Burglary, Machinery or Electronic Equipment breakdown and Boiler explosion.

Section II - Business Interruption

The Sum Insured under this Section should represent the projected gross profit.

What is the Sum Insured?

Section I - Material Damage

The basis of valuation in respect of buildings and contents other than stock shall be on reinstatement value and in respect of stock it shall be on market value.

Section II - Business Interruption

The Sum Insured under this Section should represent the annual gross profit.

What does this Policy not cover?

Section I

The Policy will not cover any claim due to:

• Faulty or defective design materials or workmanship
• Interruption of the water supply, gas, electricity or fuel systems or failure of the effluent disposal systems
• Collapse or cracking of buildings
• Larceny
• Coastal or river erosion
• Wilful act or gross negligence of the insured
• Cessation of work, delay
• War,warlike operations
• Nuclear risks
• The destruction of property by order of any public authority

Section II: Business interruption

The policy does not cover loss resulting from interruption of or interference with the business, directly or indirectly, attributable to

• Any restriction or reconstruction or operation imposed by any public authority
• The insured's lack of sufficient capital for timely restoration or replacement of property lost, destroyed or damaged
• Electronic installation, computer and data-processing equipment
• Deliberate erasure loss, distortion or corruption of information
• Deductible stated in the schedule
• Wilful act or gross negligence of the insured
• Cessation of work, delay
• War, warlike operations
• Nuclear risks
• The destruction of property by order of any public authority

This is not an exhaustive list. For a detailed list of exclusions, please read our policy terms and conditions.

The add on covers and clauses available under the policy are as under:

The add on covers and clauses available under the policy are as under:

Section I (Material Damage)

• Architects', Surveyors and Consulting Engineers’ Fee clause
• Designation of Property Clause
• Escalation Clause
• Omission to insure additions, alterations or extensions clause
• Temporary Removal of Stocks clause

Section II (Business Interruption)

• Suppliers’ and Customers’ Premises extension
• Failure of Utility services at the terminal ends

What is the Premium?

The Premium Rates for the policy will be based on our risk assessment, past claims history, level of deductibles opted and the add-on covers chosen.

What is the basis of indemnity?

The policy provides indemnity as below -

Section I (Material Damage)

In respect of Building, Plant & Machinery and Furniture, Fixtures & Fittings, the basis of indemnity is the reinstatement or replacement value of the affected items on the date of replacement subject to adequacy of sum insured. However underinsurance to the extent of 15% is waived while computing the loss. For Stocks, the policy provides indemnity on market value basis.

Section II (Business Interruption)

The basis of indemnity is

• Loss of Gross Profit
• Increase in cost of working subject to economic limits

Compulsory Deductibles

The deductible varies depending upon the Sum Insured Values

Is there any provision to opt for voluntary deductibles?

Yes and in such a case additional discount in premium can be expected.