Industrial All Risk Insurance (IAR)
Industrial All Risk Insurance (IAR) in Thailand
Protecting Your Property with Comprehensive Peace of Mind
What is IAR Insurance?
IAR stands for Industrial All Risk, which refers to an insurance policy that covers almost all types of damage or loss to buildings and assets unless specifically excluded in the policy. It goes far beyond basic fire insurance, making it ideal for commercial properties, manufacturing plants, and residential buildings like condominiums.
Whether the risk comes from fire, natural disasters, theft, or even accidents like a vehicle crashing into your building IAR insurance helps absorb the financial shock.
Who is it for?
IAR insurance is commonly used by:
- Condominium juristic persons who want to protect shared property such as elevators, electrical systems, and lobbies.
- Factory owners and business operators who rely on expensive machinery, stock, or critical equipment.
- Property developers seeking protection during construction or before handing over the project.
- Building owners with bank loans that require insurance as collateral.
What does it cover?
Unlike standard policies that only protect against fire or a few natural perils, IAR covers a broad range of unexpected incidents including fire, flood, storms, burglary, short-circuit damage, and accidental physical damage.
Optional extensions may include business interruption cover, which provides compensation for loss of income if operations are halted due to property damage.
Why choose IAR over basic insurance?
While basic fire insurance only covers limited events, IAR offers flexible, customizable protection suited for real-world scenarios especially for businesses where a small accident could lead to major losses. Although the premium may be slightly higher, the coverage scope is significantly more comprehensive.
Applying for IAR
To apply, property owners or juristic entities typically need to submit:
- A copy of property registration or company certificate
- Details of the building or factory layout
- Property valuation
- Photographs of the premises
- Permits (like factory operation licenses, if applicable)
- An insurance broker can help guide the assessment and prepare a quote tailored to your propertys risks and value.
Final Thoughts
Industrial All Risk insurance isn't just for large companies its a powerful tool for anyone with valuable assets. Whether you're managing a residential condo or running a full-scale production line, protecting your physical infrastructure is the first step in long-term security and stability.
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