New India Business All Risk Flexi Policy

Salient Features of the Proposed Product

• This product is best suited for manufacturing risks, industrial and non-industrial risks (excluding dwellings), unlike traditional IAR which was restricted to Section IV & V risk occupancy.
• All Risk based wide coverage with flexibility to customize.
• Entire property must be covered.
• No partial selection is allowed.
• Policy period shall be annual.
• Basis of Sum Insured can be Reinstatement Value (RIV) or Market Value, unlike IAR which was only on RIV basis (except stocks).
• Major add-on covers are included without additional premium.
• Available for Sum Insured up to ₹2500 Crores.
• Underinsurance waiver up to 15%.
• Differential deductible as per opted sections.
• Terrorism: Deductible as per IMTRIP (Terrorism Clause).

Scope

Suitable for manufacturing, industrial, and non-industrial risks (excluding dwellings), unlike traditional IAR which was restricted based on risk occupancy under Sections IV & V.

Add-ons available on payment of additional premium

1. Earthquake
2. Storm, Typhoon, Tempest, Hurricane, Tornado, Tsunami, Flood and Inundation
3. Terrorism and Sabotage

Sum Insured

Up to ₹2500 Crores, on Reinstatement Value (RIV) or Market Value basis.

1. Product Structure

Section Description:

• Section 1: Material Damage other than MB (Mandatory)
• Section 2: Machinery Breakdown (Optional)
• Section 3(i): Business Interruption (FLOP) – Optional
• Section 3(ii): Business Interruption (MLOP) – Optional

Sections 4 to 8 are customizable extensions for the coverage provided under Section 1 to Section 3:

• Section 4: Extended Risk Protection
• Section 5: Extended Assets Protection
• Section 6: Extended Claim Operations Assistance
• Section 7: Extended Claim Cost Assistance
• Section 8: Additional Clauses

Note: Policy details given are indicative and not exhaustive. Please contact your nearest NIA office for further details.