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Consequential Loss (Fire/Material damage) Insurance: Covers financial loss of Gross Profits due to interruption of business in consequence of property damage covered and admissible under the SFSP or property damage section of the IAR policy / Mega policy.
A named perils policy that covers various assets such as buildings, plant & machinery, stocks, furniture, fixtures, and fittings against damage and destruction by named perils.
Perils named in Fire & Special Perils Policy:
Industrial All Risk policy is an All-Risk Form of Policy. It may cover various assets such as buildings, plant & machinery, stocks, furniture, fixtures and fittings against physical loss, damage, and destruction due to All Risks, except those which are specifically excluded. Machinery Breakdown insurance for the entire plant and machinery and Business Interruption due to all risks except breakdown are compulsory covers in this.
We, at Moon, keep a close watch on insurance solutions available in the domestic market for different types of risks. Wherever we see an opportunity, we guide our clients professionally to graduate to all forms of risk covers that provide a better and broader cover. Except for simple risks like Dwellings, Offices, Hotels, Restaurants, etc., for most manufacturing / industrial risks, our proposed insurance solution for Property Damage is Industrial All Risk Policy. While the IAR policy has a higher deductible, it provides much more contract certainty.
The wordings of IAR policy are regulated, but the policy can be customized to a great extent by a large number of additional covers / clauses (some with and some without premium implications). This makes the Insurance Cover broader and ensures that the indemnity in the event of a claim is comprehensive.
Covers plant and machinery against sudden and accidental mechanical or electrical breakdown only.
We, at Moon, ensure that for those cases where IAR policy cannot be proposed as an insurance solution, we analyze the risk of breakdown in identified equipment of the total plant and machinery. Our team conducts a proper risk analysis and if required, proposes a Machinery Breakdown Insurance for specified equipment.
Here also, the cover can be customized to a certain extent with a few add-on covers to make the cover broader and ensure that indemnity in the event of a loss/damage is comprehensive.
For those who buy an IAR policy, the risk of Machinery Breakdown is mandatorily covered with a far better coverage than in case of a stand-alone Machinery Breakdown policy.
Covers Boilers and Pressure Plants against sudden and accidental damage due to explosion or collapse as defined in the policy. It also covers damage to surrounding property and third-party liability due to explosion or collapse.
We, at Moon, ensure that for those cases where IAR policy cannot be proposed as an insurance solution, we analyze the risk of explosion or collapse Boilers and Pressure Plants amongst the total plant and machinery. Our team conducts a proper risk analysis and if required, proposes a Boiler and Pressure Plant Insurance for specified equipment.
Here also, the cover can be customized to a certain extent with a few add-on covers to make the cover broader and ensure that indemnity in the event of a loss/damage is comprehensive.
For those who buy an IAR policy, the risk of Boiler and Pressure Plant explosion or collapse is mandatorily covered with a far better coverage than in case of a standalone Boiler and Pressure Plant policy.
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