Industrial Special Risks (ISR)
Who should consider Industrial Special Risks (ISR) protection?
If you are a Business or Commercial Property owner with Insured Property or high value assets over the value of $5 million. ISR policies can be tailored to fit your needs and offer coverage for physical damage to your property and consequential losses.
ISR isn't just for large businesses. Small and medium-sized enterprises can also benefit from this type of insurance, especially if they operate in high-risk industries or have unique risks that traditional insurance policies may not cover.
If you're looking for a policy that can protect your business's physical assets, including buildings, stock, plant and machinery, and other valuable property, consider Industrial Special Risks (ISR) insurance.
Who should consider Business Interruption protection?
If your business suffered an unexpected disruption such as fire, flood or storm - how long would it take to get up and running again?
For most business owners, there are ongoing expenses that you need to pay even if you're not generating revenue.
Business interruption insurance can get you through a temporary crisis by protecting your cashflow - so you can pay these expenses and help ensure the future of your business.
What can it cover?
ISR insurance is designed specifically for commercial and industrial properties, and typically provides broader coverage than a standard property insurance policy. Some of the specific risks covered under an ISR insurance policy can include
Fire and Explosion
Coverage for damage caused by fire, lightning, and explosion, as well as the cost of removing debris.
Theft
Coverage for theft of property, including money, stock, and equipment.
Storm Damage
Coverage for damage caused by wind, hail, and water damage.
Flood
Coverage for damage caused by flooding, including rising water and overflow from a nearby river or lake.
Earthquake
Coverage for damage caused by earthquakes, including ground shaking and aftershocks.
Accidental Damage
Coverage for damage caused by falling objects, such as trees, signs, or aircraft.
Case Study
Scenario: A manufacturer experienced a major fire in their warehouse, resulting in significant damage to their property, machinery, and stock. The fire also caused a disruption to their business operations, leading to a loss of income. The manufacturing company contacted their insurance broker and filed a claim under their ISR insurance policy. Subsequently, a loss adjuster was appointed to assess the damage and investigate the claim.
Outcome: Based on the assessment, the following amounts were agreed upon to settle the claim:
- Property Damage: $2 million to cover the cost of repairing and replacing the damaged property, machinery, and stock.
- Business Interruption: $1 million to cover the income loss resulting from the business operations' interruption.
- Machinery Breakdown: $500,000 to cover the cost of repairing or replacing the machinery damaged by the fire.
- Public Liability: $500,000 to cover the damage cost to third-party property.
- Products Liability: $1 million to cover the damages caused by the products manufactured by the insured.
*Disclaimer: The information contained in this case study is used only for the purpose of illustration. Individual circumstances, insurance and coverage may vary.
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