IRDA Circular IAR Policy - 2017-2018 StudyChaCha

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  #1  
Old March 11th, 2017, 10:41 AM
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Default IRDA Circular IAR Policy

Do you have any information about Industrial All Risks (IAR) Insurance Policy of IRDA? My father wants to know about Industrial All Risks (IAR) Insurance Policy, so he said me to search about it. So will you please help me to get details about Industrial All Risks (IAR) Insurance Policy of IRDA?
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  #2  
Old March 11th, 2017, 10:54 AM
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Default Re: IRDA Circular IAR Policy

As you want to know about Industrial All Risks (IAR) Insurance Policy of IRDA, so here I am giving complete details:

IRDA Industrial All Risks (IAR) Insurance Policy

Eligibility:
All industrial risks (other than risks rateable under Petrochemical Tariff) having overall Sum Insured of Rs.50 crores and above in one or more locations in India shall be eligible for Industrial All Risks Policy.

Policy:
The Policy form given at Annexure I consist of:
a) Section I - Material Damage and
b) Section II - Business Interruption

The cover in its widest form will include the following perils/covers:
a) Fire and all Special Perils
b) Burglary
c) Machinery Breakdown/ Boiler Explosion/Electronic Equipment Insurance
d) Business Interruption (Fire and all Special Perils)

Compulsory Deductibles
a) Material Damage claims
Deductible will be 5% of the claim amount subject to minimum of Rs.5 lakhs and maximum of Rs. 50 lakhs.

b) Business Interruption claims
Deductible shall be three days Gross Profit subject to minimum of Rs. 5 lakhs and maximum of Rs. 50 lakhs

Voluntary Deductibles
Material Damage Claims
Deductible Discount
5% of the claim amount subject to minimum of Rs. 10 lakhs 10%
5% of the claim amount subject to minimum of Rs.15 lakhs 15%
5% of the claim amount subject to minimum of Rs. 20 lakhs 20%
5% of the claim amount subject to minimum of Rs. 25 lakhs 25%

Business Interruption Claims
Deductible Discount
7 days Gross Profit subject to minimum of Rs.10 lakhs 5%
14 days Gross Profit subject to minimum of Rs. 15 lakhs 10%
21 days Gross Profit subject to minimum of Rs. 20 lakhs 15%
28 days Gross Profit subject to minimum of Rs. 25 lakhs 20%
35 days Gross Profit subject to minimum of Rs. 30 lakhs 25%

IRDA Industrial All Risks (IAR) Insurance Policy

Attached Files
File Type: pdf IRDA Industrial All Risks (IAR) Insurance Policy.pdf (139.7 KB, 0 views)
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