Industrial All Risks

Individual Pension Plan

This is a combined policy and basically incorporates fire, fire consequential loss, theft and accidental damage perils. With this policy, there will be no need of taking out Fire and Fire Consequential Loss Policies as well as Burglary and All Risks.

The policy is issued under two sections and provides indemnity against all those risks not excluded by the policy.

a) Section A - Material Damage
In the event of accidental physical loss of or damage to the property specified not occasioned by or happening through any excluded cause the insurer will pay to the Insured the value of the said property at the time of the happening of the loss or the amount of such damage or at their option repair or replace such property.

The property to be covered under this policy should include:

Cover is provided under the following headings: -

  • 1.Gross profit
  • 2.Wages
  • 3.Increase in Cost of working (optional) 

b) Business Interruption (Consequential Loss)This section covers loss consequent upon the happening of a peril covered under section A of the policy.

3.Increase in Cost of working (optional)
This cover is provided for a specified period known as the indemnity period which is the period beginning with the occurrence of the damage and ending not later than the maximum period thereafter during which the results of the business shall be affected in consequence of the damage.

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