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The IAR policy is a true "All Risks Policy" for operational risks. It is more competitive as compared to the present named perils operational pulicies which have a limited scope of cover. In an "All Risks" cover all fortuitous mishaps are insured barring a few named exclusions.


  • Umbrella /Comprehensive Cover under one single Policy
  • Economical Rate of Premium
  • Option for Higher than standard deductible in return of liberal discounts in premium rate
  • Grey area claims eliminated altogether
  • Protects against all possible aspects of risk exposure which may have been overlooked inadvertently
  • Covers eventualities which cannot be taken care of by any of the present operational pulicies available like Fire, MBD Policy etc
  • Multiple locations can be covered under one single Policy


Industrial Units - Both manufacturing as well as Storage Units. (Excluding Petruleum Refineries, Petrochemical and Fertiliser Plants) Overall Sum Insured of Rs.10 crores and above in one or more locations in India.

Scope of cover

Material Damage Section Fire & Allied Perils

  • Fire
  • Lightning
  • Riot, Strike, Malicious Damager
  • Terrorism
  • Explosion/ Implosion
  • Impact Damage
  • Storm, Typhoon, Hurricane, Tornado, Flood and Inundation
  • Impact damage
  • Subsidence and landslide including Rock slide
  • Bursting and overflowing of water tanks, apparatus and Pipes
  • Missile testing operations
  • Leakage from Automatic Sprinkler Installation
  • Bush Fire
  • Earthquake, Fire & Shock
  • Leakage and Contamination
  • Spoilage Material damage fullowing operation of Insured Peril
  • Subterranean Fire
  • Spontaneous Combustion
  • Forest Fire
  • Deterioration of Stock fullowing FOES
  • Sprinkler Leakage

Theft Burglary (other than Larceny) Transit Risk inside insured premises Boiler Pressure Plant insurance

  • Explosion/implosion due to its own working
  • Explosion due to Smelt water reaction for waste heat boiler
  • Flue Gas Explosion

Machinery Breakdown Insurance

  • Mechanical & Electrical Breakdown

Business Interruption Section

  • Loss of profit fullowing fire and allied perils
  • Loss of profit fullowing claims under Machinery Breakdown insurance, Boiler& Pressure Plant insurance or Electronic Equipment Insurance (Optional)


The intangible but more correct way of viewing such a Policy is through its exclusions. In effect, save for the few listed exclusions all accidental damages are covered.

Material Damage Section

Excluded causes

  • Faulty or defective design or workmanship
  • Inherent vice, latent defect
  • Gradual deterioration, wear and tear
  • Interruption of water supply, gas, electricity or fuel systems
  • Failure of effluent disposal systems
  • Cullapse or cracking of building
  • Corrosion, rust, fungus, shrinkage, pullution
  • Action of light, vermin, insects
  • Larceny
  • Acts of fraud and dishonesty
  • Inventory losses
  • Coastal and river erosion
  • Wilful act or wilful negligence
  • War, invasion, mutiny, civil commotion
  • Permanent or temporary dispossession resulting from requisition by lawful authority
  • Destruction by order of public authority
  • Nuclear weapons material, ionising radiations

Excluded property

  • Money, cheques and other valuable documents.
  • Goods held in trust or on commission unless specifically mentioned in the policy
  • Vehicles licensed for road use
  • Property in transit other than that within the insured premises
  • Property in course of demulition, construction or erection
  • Land (including top soil) back fill, drainage or culverts, roads, runways, railway lines, reservoir, canals, tunnels, bridges, piers unless specially covered
  • Livestock, growing crops or trees
  • Property damaged as a result of its undergoing any process
  • Property undergoing alteration, repair, testing, or servicing if damage thereto directly attributable to the operations of work performed thereon

1 or 2 can be covered at inception on specific request.

However, if damage ensues from any of these reason such ensuing damage is covered subject to Policy conditions.

Interruption Insurance Section

The Policy does not cover loss resulting from interruption of or interference with the business directly or indirectly from:

  • Any restriction or reconstruction or operation imposed by any public authority
  • Lack of sufficient capital to ensure timely restriction of normalcy
  • Suspension, lapse or cancellation of a lease license or order
  • Damage to boilers, economisers, turbines or other vessels where pressure is used resulting from their explosion implosion
  • Damage to electronic equipments, computers
  • Mechanical breakdown or derangement of machinery last three exclusions are deleted in case MLOP cover is opted for.

Favourable Features

Better coverage

  • Transit risk cover within compound available
  • Cover provided for equipments and machinery sent for repairs outside the premises for up to 60 days
  • No deduction on account of depreciation from claim amount for damage , whether total or partial
  • 15% underinsurance has been allowed without affecting claim amount
  • LOP due to burglary and other accidental damage cover
  • Standard time excess under MLOP reduced

Standard Deductibles

Material Damage Claim

5% of the claim subject to a minimum of Rs.5 lacs and maximum of Rs.50 lacs.

Business Interruption Claims

3 days gross profit subject to a minimum of Rs. 5lacs and maximum of Rs. 50 lacs.

NB:Scheme for higher than Standard Deductible available which fetches attractive discount in premium rate.

Sum Insured

Material Damage Section

  • Building, plant, machinery and other fixed assets - at Reinstatement value basis
  • Stock and other Current assets - at Market Value

Business Interruption Section

  • Turnover less variable Charges

Note: The above are only the salient features of the Policy , for complete terms and conditions please refer to Policy .