A company with total value of risks of at least RM50
million has an alternative to protect its insurance
needs with the Industrial All Risks (IAR) Insurance
as compared to the traditional Fire Insurance and
its related Consequential Loss Insurance.
Cover
As the name suggests, IAR policy is an "all
risks" form of insurance which cover not only all
the "named perils" of Fire Insurance but also extend
to cover "accidental damage" which could not be
covered under the fire insurance, subject only to
specific exclusions of the policy.
Examples of Coverage in the
IAR
•
Theft of equipment, plant &
machinery and all contents including stocks
of every description kept at Insured's
premises can be covered under the IAR policy
instead of a separate Burglary Insurance.
•
Equipment of plant &
machinery in transit within the premises is
covered under the IAR policy.
•
Accidental damage to plate
glass or any fragile item or to movable
equipment e.g. forklift, hoist, crane etc by
collision or overturning or impact is
covered under the IAR policy (but not the
Fire Policy).
•
Other accidental damage not
specifically excluded from the Policy.
