Insurable assets include buildings, machinery, furniture, fixtures, fittings, and stocks (raw materials, work-in-progress, and finished goods) located inside the designated industrial premises.

Business Interruption (BI) Insurance replaces lost business income if you have to temporarily shut down due to physical damage from a disaster (like a fire, flood, or major storm) that is covered under Section 1 (Material Damage) and the total payout will strictly be capped at the limits shown in the policy schedule.

While standard property insurance pays to repair the physical assets, BI insurance covers the financial fallout of the shutdown itself. The three main things it pays for are:

1. Gross Profit Loss
2. Payroll

Auditors’ Fees

Under a standard Industrial All Risks (IAR) insurance policy, the exclusions are generally divided into two main categories: Peril Exclusions (events that are not covered) and Property Exclusions (types of property or assets that are not covered).

Since an IAR policy is an "all risks" framework, if an item or an event is not listed below, it is typically covered by default.

The premium is based on the following factors (COPEM):

• Construction: Structural materials, age of the building, and total square footage.

Occupancy: Nature of the business, the type of industry (e.g., a quiet

• office building, a chemical processing plant, or a plastics manufacturer), and hazard level of contents stored in warehouses.
• Protection: Fire extinguishing arrangements and suppression systems.
• External Exposure: Location of the risk and surrounding external hazards.
• Maintenance: Regular inspection of electrical and structural systems to prevent fires, combined with routine servicing of machinery to avoid mechanical breakdowns and costly business interruptions.

No, the IAR policy does not automatically apply if you move the insured factory or building to a new location. You must notify AYASOMPO Insurance Company Limited before the relocation takes place. The company will issue an Endorsement (Policy Amendment) to officially update the risk address. The company may request a risk survey of the new site, any required documents, and your premium rate may be adjusted up or down based on the new location's risk profile.

Yes, Act of God (AOG) perils are covered under the IAR policy. This includes natural disasters such as earthquake, flood, storm, and landslide. However, please note that these events are typically subject to deductibles and sub-limits as stated in the policy schedule.

The ideal time to obtain an IAR policy is once construction and testing are 100% completed, and the facility is ready to commence commercial operations.

Fire Insurance is a "named perils" policy covering only specific listed events such as accidental fire, lightning, and domestic gas explosions, whereas Industrial All Risks (IAR) insurance covers all accidental perils automatically unless a hazard is explicitly named in the policy's exclusions list.

The coverage period is up to one year and can be renewed annually.

The Sum Insured is to be calculated on a Replacement Value Basis. Replacement value covers the actual cost to replace or rebuild a damaged asset with a brand-new equivalent today, without deducting depreciation

The documentation required for the new policy consists of recent risk photos, detailed FEA information, and a Structural Engineering Report from an RSE. Please note that you may also be required to provide additional supporting documents if requested during AYA SOMPO's underwriter review.

Yes, you can update your Business Interruption (BI) coverage amount at the time of renewal, subject to the AYA SOMPO’s underwriting decision

Generally, a new survey is not required for renewal. However, depending on the specific risk profile, a resurvey may be necessary subject to AYA SOMPO's underwriting guidelines.

Yes, you can update your Deductible amount at the time of renewal, subject to the AYA SOMPO’s underwriting decision.

The policy should ideally be renewed 15 to 30 days prior to its expiration date. This ensures continuous, uninterrupted coverage and prevents any lapse in policy benefits

Yes, you can. You can easily renew your policy through the AYA SOMPO’s official website or mobile application, with instant online payment options available.

If you fail to renew your policy before it expires, your insurance coverage will automatically terminate on the expiration date.

Yes, you can. During the renewal process, you may adjust your Sum Insured (either an increase or a decrease) to match your current requirements, subject to company review and policy terms.

The documentation required for the renewed policy consists of recent risk photos, detailed FEA information, and a Structural Engineering Report from an RSE. Please note that you may also be required to provide additional documents if requested during AYA SOMPO's underwriting review.

AYA SOMPO will send a reminder notification via your registered mobile number or email address before your policy expires. Therefore, it is important to keep your contact information updated.

You must notify AYA SOMPO immediately. Additionally, you must submit a detailed list of all affected property, along with their respective values at the time of the incident, within 30 days of the loss.

An endorsement is a formal, legal amendment added to an active Industrial All Risks (IAR) insurance policy to modify its original terms, such as changing an occupancy, risk location, sum insured, the policyholder's name or any other changes. Rather than canceling the existing contract, an endorsement legally records and implements these specific mid-term updates. 

There is no administrative processing fee. However, an additional premium may be charged for changes that increase the level of risk, such as changing an insured person's occupation to a higher-risk classification.

To request a policy endorsement, the policyholder or an authorized company representative must submit a formal written request, along with the completed Endorsement Request Form and details of the changes, to AYA SOMPO Insurance Company Limited, or by contacting our customer service center. You may also be required to provide supplementary documentation as requested by the company for underwriting purposes.

Endorsement requests are typically processed within 1 to 2 business days once all required documents and information have been received. Processing times may vary depending on the nature of the requested amendment and the complexity of the review.

Yes, you can add a new location to your existing Industrial All Risks (IAR) policy mid-term. This is a standard endorsement as companies expand, open new warehouses, or set up new manufacturing plants. When adding a new location to an active Industrial All Risks (IAR) policy mid-term, the additional premium is calculated on a pro-rata basis. This means you only pay for the exact number of days remaining until the policy's natural expiration date.

Once your request is submitted and accepted, AYA SOMPO will issue a formal Endorsement. The change typically becomes effective from your requested date or the specific effective date indicated in the endorsement schedule.

Failure to insure assets on a Replacement Value basis can lead to underinsurance. Consequently, the Condition of Average will apply, and any claim payout will be reduced proportionately to the level of underinsurance