What is Industrial Special Risk Insurance?

Industrial Special Risk (ISR) Insurance provides cover for loss or damage done to high value physical assets including Property, Buildings, Materials and Machinery.

It provides cover for property damage to your valuable assets by any cause not excluded under your policy.

Who needs it?

If you are a Business or Commercial Property owner with Insured Property or high value assets over the value of $5 million, you should consider getting Industrial Special Risk Insurance. Please note that minimum values do vary by Insurer.

It is ideal for medium to larger organisations however can also be suitable for smaller companies with high value assets.

Myth buster: ISR Insurance is not specifically designed for businesses that are manufacturers or own a factory as the title alludes. In fact, ISR Insurance provides cover for a wide range of businesses.

What does Industrial Special Risk Insurance include?

  • 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,
  • Loss of profits, revenue or rentals and/or increased expenses caused 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.

Important Tips

An ISR policy is sometimes referred to as an ‘all risks’ policy due to its broad coverage. However this name can be misleading and all policies differ so it’s best to always check with your broker regarding your level of cover.

Additional property policies such as Machinery Breakdown, Marine Transit, Electronic Equipment, Motor, Aviation/Marine-Hull or Fine Arts, to name a few, are often required to supplement an ISR policy.

For more information on ISR, contact one of our experts today.