Industrial All Risks (IAR) is a comprehensive insurance policy that incorporates Fire, Fire Loss of Profit, Theft and Accidental damage covers. It is subdivided it two sections and it covers all risks not excluded by the policy.
Section A of the policy covers material damage to insured assets e.g Buildings, Stocks, Plant and Machinery, Office contents, furniture and fittings etc…
Section B of the policy covers loss of profits or income caused by interruption of the business by a material damage loss under section A provided the material damage loss is admissible under the policy. Cover is provided under headings; Gross profit, Wages, Auditors fees & Increased cost of workings.
The policy is suitable for large establishments and once taken, there will be no need of taking out Fire and Fire Consequential Loss Policies as well as Burglary.