Industrial Special Risk Insurance
Typically the broadest and most flexible property policy available, an Industrial Special Risks (ISR) policy essentially provides cover for loss or damage to insured property by any cause not specifically excluded by the policy. Recommended to commercial clients with insured values greater than $5,000,000, an ISR policy aims to cover the following:
- Loss and/or damage to buildings, plant and machinery, contents, stock, raw materials, unregistered vehicles and the property of directors and employees
- Loss of profits, revenue or rentals and/or increased expenses caused by damage to insured property and also by contingent damage to property at the premises of suppliers, customers and utilities
- Burglary, theft of money and employee dishonesty
- Accidental damage and glass breakage
- Removal of debris, extra costs or re-instatement, re-writing of records and professional fees
Who needs Industrial Special Risks Insurance?
Minimum values do differ by Insurer, however our general rule of thumb is to provide risk coverage for any Business or Commercial Property owner with insured values in excess of $5,000,000. The title of the risk (ISR) is sometimes misleading as it appears and is sometimes perceived to be designed for businesses that are manufacturers or that own a factory. This is not the case and ISR policies do provide cover for a wide range of businesses.
An ISR policy is sometimes referred to as an 'all risks' policy due to its broad coverage. This description is inaccurate as the policy contains property and perils exclusions that limit the cover provided. This is common amongst Policy Wordings and it should be noted that additional property policies such as Machinery Breakdown, Marine Transit, Electronic Equipment, Motor, Aviation/Marine-Hull or Fine Arts, to name only a few, are often required to supplement the ISR policy.
To obtain a quotation or further information on Industrial Special Risk Insurance you can contact one of our experienced insurance brokers on 1300 503 503.