Mega Risk Policy
This policy is suitable for very large Industrial units having an overall Sum Insured of INR 2500 crore and above at a single location in India. This is a highly customizable policy in which various risk/perils associated with a particular industry can be covered. Just like IAR policy, this policy also covers the various risks via different sections but a wider scope is also available for specialized customization suiting the need of that particular industry. This policy can also be customized in terms of Basis of Valuation of Assets as well as the Basis of Loss Settlement for individual components of sum/items insured. A detailed inspection report and analysis based on Probable Maximum Loss, valuation of assets other things are carried out to set the terms & claim process of this policy.
Coverage: The covers in its widest form are briefed below:
PROPERTY DAMAGE
Physical loss or damage to any property which is insured by any peril which is not specifically excluded is indemnified. Properties which could be insured are:
>> All assets within the specified premises/location
>> Property held in trust or commission
>> Personal property of employees/directors (other than vehicles)
>> Property, structures, machines etc in course of construction or erection
>> Properties on any other specified location
>> Any other property in which insured has an insurable interest
MACHINERY INSURANCE
Physical loss or damage to any machine which is insured is indemnified. Loss could be due to:
>> Mechanical/ Electrical Breakdown
>> Boiler and pressure plant explosion/implosion
>> AOG perils
>> Any other unforeseen, sudden and accidental cause
BUSINESS INTERRUPTION
This section indemnifies againstthe loss of profit due reduction in output/turnover by:
>> Property damage
>> Critical machinery failure
>> Insured Standing charges
>> Increased cost of working by post operation of various insured perils
OTHER RISKS
Option to insure below items byCustomization is available upto specified limits to cover loss arising on account ofor damage to:
>> Curios, rare books or works of art, Fine Arts and other alike items
>> Money, cheques, stamps, bonds, credit cards, any securities and other alike items
>> Jewellery precious stones, precious metals bullion and other alike items
>> Valuable Papers and Records
>> Tenants And Neighbours Liability
>> Any other insurable Asset/Liability or Peril, which insured wises to insure
MAJOR EXTENSIONS AVAILABLE
Based on specific need of insured, on payment of agreed premium below additional expenses could also be indemnified.
All standard extension available for SFSP, MBD and EEI policy could be incorporated in this policy along with below additional covers, which is being offered by various insurers on agreed premium for an agreed limit of indemnity.
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Involuntary Betterment
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Fire Fighting/ Extinguishing Expenses
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Dewatering Expenses
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Brands and Labels Trademark
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Immediate Repairs
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Waiver of Under Insurance
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Destruction of Sound Property
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Accidental Damage
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Minor Works Extension
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Molten Metal
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Claims Preparation costs
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Removal of Foreign/ External Debris
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Property not on insured Premises
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Capital additions
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Obsolete Parts
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Contamination & Co Mingling of Stocks
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Catalyst and Consumable (including lining and refractory) interest in process
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Growing Plants, Crops And Trees, Landscaping
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Start-Up/Shut Down expenses
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Decontamination and Cost of Clean Up Expenses
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Property in Course of Construction/Erection
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Automatic Coverage
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Public Utilities Extension
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Cost of demolition
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MARINE CARGO INSURANCE
Transit related risks could also be insured in this policy on agreed terms with customization as per the need of the insured:
>> Within the premises movement
>> Sale/ purchase related movements
>> Any other movement incidental to the insured business
A-1. Fire and Perril
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Heading Fire and Perill:
Detail Fire and Perill