What is Industrial Special Risks?
Industrial Special Risks (ISR) insurance provides property damage and consequential loss cover for medium and larger businesses with diverse operations and often multiple locations with asset values generally over $5m (such minimum asset values vary between insurers)
An ISR policy is designed to cover loss or damage to physical assets, including buildings, contents, stock, plant & machinery and all other property by any cause not specifically excluded by the policy. The consequential loss section will also cover your business interruption risks (i.e. loss of gross profits) following an insurable event.
The policy provides far broader coverage than a standard Business Package policy when insuring your material damage and business interruption risks
Who should consider it?
Those medium to large businesses with asset values greater than $5m (although some insurers will have slightly lower minimum value requirements) and businesses with multiple locations and diverse business operations.
Did you know:
An ISR policy will cover all types of loss or damage to your insured
property that is not specifically excluded by the policy.
What can it cover:
- Property damage by any cause not otherwise excluded under the policy.
More specifically, loss and/or damage to buildings, plant & machinery, contents, stock, raw materials, unregistered vehicles and any other property.
- Extra Costs such as removal of debris, re-instatement costs, re-writing of records and professional fees.
- Loss of profits and 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 property and money
- Glass breakage
- Accidental Damage
What isn’t covered:
Unlike a Business Package policy, an ISR policy will not cover your Public & Products Liability risks (or Commercial Motor) which will have to be insured separately.
Certain other covers available under a Business Package policy may be optional with an ISR.
Other exclusions will apply and you should review any quote received carefully and consider the policy wording for all policy terms, conditions, exclusions and limitations.