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Bajaj Allianz Industrial Insurance |
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Scope of Cover
All industrial risks (other than risks rateable under Petrochemical Tariff) having overall Sum Insured of Rs. 100 Crores and above in one or more locations in India are eligible
This is a package policy with the following covers:
• Fire and Special Perils including Flood, Storm, Tempest
• Earthquake, Fire & Shock
• Consequential Loss (Fire)
• Machinery Breakdown, Boiler Explosion, Electronic Equipment
• Machinery Breakdown - Optional
Basic Insurance
• Buildings, Machinery, Furniture, Fixtures, Fittings & Electrical Installations shall be on reinstatement value basis only.
• Stocks shall be covered on market value basis. Facility of declarations for stocks are not available under this policy.
• Under insurance on each to the extent of 15% will be ignored.
Compulsory Deductibles
• Material Damage 5% of the claim amount subject to minimum of Rs. 5 Lacs and maximum of Rs. 50 Lacs
• Business Interruption
• Fire
Three days Gross Profit subject to minimum of Rs. 5 Lacs and maximum of Rs. 50 Lacs
• Machinery Breakdown
Depends on the type of industry and claims experience
Voluntary Deductibles
As prescribed under IAR Tariff
Extensions
• Agreed Bank Clause
• Architects, Surveyors and Consulting Engineers' Fees Clause
• Designation of Property Clause
• Escalation Clause
• Omission to Insure Additions, Alterations or Extensions Clause
• Temporary Removal of Stocks Clause
Exclusions
All exclusions as prescribed under individual covers
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