Industrial All Risk policy
All industrial risks having overall Sum Insured of BDT 50 crores shall be under Industrial all risk policy.
- Material damage only
- All risks/perils other than those which are specifically excluded.
- 10% self insurance applicable.
- Additional 10% self insurance for more than one recoverable loss within past 3 years.
- Deductible of 10% loss but minimum 5 lac EE irrespective of perils.
- All project above 5 crore Sum insured to be surveyed.
- Damage to the property caused by faulty or defective design materials or work manship, inherent vice, latent defect etc.
- Collapse or cracking of building
- Corrosion rust extremes or changes in temperature,
- Acts of fraud or dishonesty
- Mechanical or electrical break down or derangement of machinery or equipment.
- Bursting, overflowing, discharging or water tans apparatus or pipes when the premises are empty or disused.
- Any willful act or willful negligence on the part of the insured or any person acting on his behalf.
- Damage occasioned directly or indirectly in consequence of war, invasion act of foreign enemy, hostilities or warlike operations.