About Policy
Sometimes, even a minor accident, breakdown or theft can result in extensive loss to industries. With large sums invested in machinery and electronic equipment the risk can be high in terms of material damage as well as business loss. What’s vital is an all – encompassing cover such as BGIC’s Industrial All Risk Insurance that gives an industry the reassurance it needs. This is a Comprehensive Package Policy which provides cover against unforeseen circumstances including accidental damage to the property, which a large industry may face during its operation.
Scope of Cover
The policy covers insured properties against unforeseen and sudden events. Usually factories, power plants, building and office projects including workshop, machinery, equipment, material, goods, fuel, warehouse, premises or offices are covered under this insurance policy. Industrial All Risks policies are usually available to especially large accounts. The policy covers all risks/perils other than those which are specifically excluded. The cover in its widest form, referred to as “all risk “includes the following perils/covers:
Section I (Material Damage)
- Fire and all special perils
- Burglary
- Machinery Breakdown/Boiler Explosion/Electrical & Electronic Equipment Insurance
Section II (Business Interruption)
- FLOP (Fire Loss of Profit): Business interruption due to fire and all special perils
- MLOP (Machinery Loss of Profit): Business interruption due to machinery breakdown
