Page 381 - Fire Insurance Ebook IC 57

The Insurance Times

5% of the claim amount subject to minimum of Rs.10 lakhs. 10%
5% of the claim amount subject to minimum of Rs.15 lakhs. 15%
5% of the claim amount subject to minimum of Rs.20 lakhs. 20%
5% of the claim amount subject to minimum of Rs.25 lakhs. 25%

The insured can opt for even higher discounts than
mentioned. In that case he is offered even higher
discount.

Q4. What are the losses covered and excluded in
industrial all risks policy.

Ans. The losses covered under Industrial All Risk Policy
in widest form are :
(i) Fire and all Special Perils.
(ii) Burglary
(iii) Machinery Breakdown/ Boiler Explosion/ Electronic
equipment Insurance.
(iv) Business Interruption (Fire and all Special Perils).
(v) The Machinery Loss of Profit cover (Optional).

The losses excluded are:

vi) Damage to property insured caused by:

(a) Faulty or defective design material or workmanship,

inherent vice, latent defect, gradual deterioration,

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 394

Copyright@ The Insurance Times. 09883398055 / 09883380339