Industrial All Risks Insurance

Yes, if machinery is accidentally damaged during internal relocation for maintenance or overhauling, it can be covered under the Industrial All Risk policy. This coverage helps ensure that such operational necessities do not expose you to financial risks.

While not mandatory, Machinery Loss of Profit (MLOP) coverage is highly recommended as it compensates for the financial impact of downtime caused by machinery breakdowns covered under the policy.

Fire Loss of Profit (FLOP) coverage is advisable for businesses that would face significant operational disruption from fire damage. This coverage helps mitigate the financial strain of decreased production and sales.

The indemnity period in an Industrial All Risk policy is the specific timeframe during which the policy compensates for business interruption losses following a covered incident. Typically, this period extends up to 12 months from the date of the incident, providing financial support during the recovery and rebuilding phases.

Acts of fraud or dishonesty by employees are generally excluded from Industrial All Risk policies. Protection against such risks usually requires specific fidelity insurance coverage, which safeguards against financial losses caused by fraudulent acts committed by employees.

Collision-related damages to motor vehicles are not covered under the standard Industrial All Risk insurance. These require separate motor insurance policies, which are specifically designed to address the liabilities and damages associated with vehicle use and operations.

Yes, machinery breakdown is covered under industrial all-risk insurance. If insured equipment or machinery suffers accidental damage, repair or replacement costs are covered, minimising operational disruptions and financial loss. Preventive maintenance and regular inspections can further reduce the risk of breakdowns.

Yes, business interruption due to insured perils is covered. If a covered event halts operations, the policy compensates for lost profits and fixed expenses, helping businesses maintain financial stability until normal operations resume. This coverage ensures continued cash flow, reducing the financial burden on the business.

No, the Industrial All Risk policy generally includes coverage for burglary, providing comprehensive protection against theft and unauthorised entry. This integration allows for a unified approach to safeguarding your business assets without additional policies.

In case of a loss, notify the insurer immediately and provide details of the damage. Submit supporting documents like incident reports and any other required document. A surveyor will assess the loss, and once approved, the claim will be settled as per policy terms.

The time to settle a claim can vary depending on the complexity of the claim and the documentation provided. Generally, it can take anywhere from a few weeks to several months.

If your claim is denied, review the denial letter to understand the reasons. You can appeal the decision by providing additional evidence or documentation to support your claim.

Yes, many property insurance policies include coverage for additional living expenses if the insured property becomes uninhabitable due to a covered peril, This can cover temporary accommodation costs.

A deductible is the amount you are responsible for paying out of pocket before the insurance coverage kicks in. It is usually specified in the policy and can affect the premium amount.

Insuring assets for less than their full value can lead to reduced claims payouts due to the 'Average Clause' applied in insurance policies. This clause proportionately reduces the claim amount by the 

Property insurance policies are typically renewed annually. It's important to review your coverage and make any necessary adjustments at each renewal.

You can’t switch insurers at the time of renewal, but you can opt for a different insurance policy with a new insurer if you feel it’s necessary.

If you miss the renewal date, your coverage may lapse, leaving your property uninsured. Some insurers offer a grace period, but it's best to renew on time to avoid any gaps in coverage.

Yes, you can make changes to your policy at renewal. This includes adjusting coverage limits, adding or removing coverage, and updating any information about the insured property.

Premiums can change at renewal based on various factors, including changes in coverage, claims history, and any updates to the insured property. It's important to review the renewal terms carefully.