
Coverage
PAR is an all Risk policy subject to specified exclusions in the policy. Wording is at par with international wordings Viz Munich Re, London Market etc
Sum Insured
Sum Insured for fixed asset should be Reinstatement value of the property whereas stocks value should be on the market value under material damage section. Under business interruption section sum insured must be equivalent to gross profit.
In the event of claim, no depreciation on parts with limited life or Total Loss would be applicable
Excess
Material Damage Section: Various such Acts Of God, Accidental Damages etc
Business Interruption: 7 days gross profit