Sign In
banner Image

Protecting your Assets and Revenues

Industrial Risk Insurance Policy

Features & Benefits

  • Requirements

    As a factory or plant owner, you put in the maximum possible efforts required to ensure a hassle-free, effective and productive functioning along with the safety of your employees. However, there may still be unfortunate and out-of-hand events like fire, burglary, monsoon flood or even a power failure might occur. In such scenarios, the ‘Industrial All Risk Policy’ can help you keep your production process and business secure.

  • Benefits

    The Industrial All Risk policy covers major damages like disasters and sudden calamities that can lead to shutting down of the factory, and also offers a separate Business Interruption section. The policy, therefore, guards you and your business against the varied risks of loss of profits.

  • Sum Insured

    The sum insured by the policy shall be equal to the reinstatement value of the plant without any deduction for depreciation, as on date in the material damage section. Under the business interruption section, the total sum insured will be the annual gross profit of the plant.

  • Premium

    The payable premium will depend on risk factors associated with a particular plant such as the nature of the occupancy, construction, location, in-house processes employed, types of fire protection appliances installed, past loss experiences, the kind of goods, deductible and coverage. However, the business interruption rate would depend on the indemnity period, the stand-by machinery, availability of spare or replacement parts and similar factors.​​​​​​​

Please read the policy wordings for more information.*Terms & Conditions apply.​​

Coverage

This Standard Fire and Special Perils Insurance policy covers your furniture, instruments, machinery, buildings, trade stocks, etc. in the case of 12 specific risks mentioned below: -

Anyone who owns a factory or plant can purchase this Industrial Risk Insurance policy by Liberty General Insurance. To know more about the eligibility, inclusions and exclusions, please read the policy wordings.

Apart from basic afore mentioned coverage, you can access add-on covers by paying an additional premium. These covers include: ​

  • Business interruption cover for machinery breakdown
  • Omission to insure additions /alterations
  • Temporary removal of stock
  • Escalation clause
  • Terrorism

There are a few ‘named excluded perils,’ which essentially are the specific risks not covered by the policy like the following: ​

  • Willful acts of destruction
  • Wear and tear
  • Work cessation
  • Inventory losses
  • Defective design
  • In-Business Interruption due to machinery breakdown, if not specifically covered
  • War and nuclear events

Frequently Asked Questions

icon icon

Who can buy this policy

icon

Manufacturing Units

Items Insured

icon icon

This Policy covers various assets like Building, Plant and Machinery, Stock, Furniture, Fixtures and other immovable and movable assets against loss or damage due to,

Policy Coverage

icon icon

The policy Covers the Insured against sudden and unforeseen physical loss of or damage to the property insured. The policy has 4 section -
1) Property Damage

2) Machinery Breakdown

3) Fire loss of Profit (FLOP)

4) Machinery Loss of Profit (MLOP).

Section I,II, III is mandatory

Section IV is optional for Client

Important Features

icon icon

The policy is all Risk policy, there is an provision of 15% of underinsurance in the policy.

icon icon

Pricing related

icon icon

The main risk factors that would determine the basic rate for this product would be nature of occupancy, geographical location, construction, types of fire protection appliances, nature of goods, past loss experience, deductibles and coverage. There would be other factors like surrounding exposure, age of the asset, housekeeping, maintenance, electrical fittings, value concentration (PML), proportion of stock value etc. which would be used for loading / discounting of the base rates. The business interruption rate would also depend on factors like indemnity period, availability of spares, availability of stand-by machines etc.

How do I record any changes in the policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

What is third party liability insurance? Is it covered in this policy?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

.

Listen to Our Customers

The Client has highly appreciated the inputs and report from Mr. Sudhanshu.
Its because of him we were able to convince the client to move to Liberty along with local sales support.​

Rohit Kapoor

We find the report is very exhaustive in bringing out the risk exposures and the works the client has to carry out for risk elimination. Surely the client will be benefited by the suggestions you have put forth.​

Gurudutt

The contents of your newsletter are quite interesting and informative.

This will help in creating awareness in the industry about the loss prevention and good maintenance.

Thanks for the good work you are doing.​

M.Rajaram

Media Centre

Liberty Mutual Insurance Group Announces
New Joint Venture Partnership for Indian
Company

Know More

Articles

Difference between Multi Year & Single Year Two-wheeler Insurance

Chances are that you are among a large number of people who forget to renew their vehicle insurance ....

Know More

Registration Number: 150 | ARN:Advt/2018/March/26 | CIN: U66000MH2010PLC209656

2018 Liberty General Insurance Ltd.

Reg Office: 10th floor, Tower A, Peninsula Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013

Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty General Insurance Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.

  • Customer
    Feedback
  • Request a
    Call Back

    Have Us Call Back

    Please provide your details & we will get back shortly.

    I agree to be contacted on my mobile no even if it is registered on NDNC registry

  • Branch
    Locator
  • Hospital
    Locator
  • Garage
    Locator
  • Share