Industrial All Risks Insurance is a wider cover than traditional “Standard Fire and Special Peril Insurance policy”. The Machinery Loss of Profit cover is optional and can be included by deleting Special. Industrial All-Risk Policy (IAR) Policy · Property not covered under the policy includes: · This policy also does not cover damage to the property insured caused by:. IAR policy is a Reinstatement value policy. This policy is a Compehensive Package Policy which covers almost all risks and perils, which a large industry may face during its operation. This Policy does not cover damage to the property insured caused by: a.