Material Damage Protection
Protects insured physical assets against accidental loss or damage, including buildings, plant & machinery, fixtures, stocks and other declared property.
Industrial All Risk (IAR)
Broader Protection For Assets. Stronger Security For Business.
Comprehensive insurance solutions that safeguard your property, equipment and operations against unexpected losses. Tailored to your business, they help you stay secure and keep operations running smoothly.
Wider Asset Protection
Business Continuity Protection
Comprehensive Risk Coverage
What Is Industrial All Risk (IAR)?
Understanding Industrial All Risk (IAR)
Industrial All Risk (IAR) Insurance provides broad protection for large industrial units and manufacturing facilities against accidental physical loss or damage, except specified exclusions, and can also cover business interruption arising from an insured loss.
What Does It Cover?
- Protection Against Physical Loss or Damage
- Protection for Business Assets
- Protection Against Business Disruption
- Protection for Industrial Risks
- Flexible & Structured Protection
Example:
A manufacturing facility suffers accidental damage to its plant and machinery, resulting in repair costs and temporary business interruption. An appropriately structured IAR policy can provide protection for the covered physical damage and eligible financial losses, subject to policy terms and conditions.
Coverage Components
Comprehensive Protection At Every Level
Machinery Breakdown Protection
Provides protection against sudden and unforeseen physical loss or damage to insured machinery, subject to the policy terms.
Fire Loss of Profit (FLOP)
Provides protection against eligible financial losses arising from interruption of business following covered material damage caused by insured fire-related events.
Machinery Loss of Profit (MLOP)
Where opted for, provides protection against eligible financial consequences arising from interruption caused by covered machinery breakdown.
Business Interruption Protection
Protects the business against eligible financial losses from interruption after insured physical damage, subject to policy terms, sum insured and indemnity period.
Transit Risk Within Premises
Can extend protection to eligible movement of materials, stock or goods within the insured industrial premises, subject to the policy terms.
Under-Insurance Waiver
Where applicable, the policy may provide an under-insurance waiver subject to the specified percentage, conditions and policy wording.
Additional Risk Extensions
The policy can be enhanced through suitable extensions based on the busines'ss specific risk profile and insurance requirements.
Advisory Support
Protect Your Industrial Assets Before Risk Finds You
Our specialists structure cover around your needs rather than relying on a standard policy.
- 1.
Risk Assessment & Needs Analysis
We understand your operations, locations, asset values, processes and key risk exposures.
- 2.
Policy Design & Placement
We structure the IAR programme based on your business requirements and approach suitable insurers for competitive terms.
- 3.
Policy Documentation & Support
We coordinate policy documentation, schedules, endorsements and other required insurance documentation.
- 4.
Claims Advocacy
We support you through claims, coordinating with insurers, surveyors and other stakeholders for efficient handling.
- 5.
Annual Policy Review & Renewal
We review changes in assets, operations and risk exposures to keep your insurance programme aligned with your business.
Ready To Explore Industrial All Risk (IAR)?
Protect your industrial assets and strengthen your business continuity with a comprehensive Industrial All Risk insurance solution.
Frequently Asked Questions
Answers to Common Insurance Queries
Reinstatement value should reflect the current cost of replacing or reinstating insured property, including applicable construction, equipment, escalation and associated costs as permitted by the policy.
Physical damage can trigger consequential financial losses through interruption of operations. Therefore, the material damage and business interruption sections need to be structured consistently with the underlying risk.
Equirus Raghnall reviews asset values, locations, construction, occupancy, machinery, business interruption exposure, claims history and risk improvement measures before approaching insurers.
Negotiations consider sums insured, deductibles, extensions, exclusions, risk inspection findings, loss history, business interruption basis and insurer appetite alongside premium.
