Industrial Special Risks
Property damage cover for more complex risks
Cover Built for the Way You Work
Broad business insurance for medium and large businesses with diverse operations and high-value assets.
COVER FOR
Property loss and/or damage
Removal of debris
Loss of profits
Theft
Accidental damage
Mechanical breakdown
What is Industrial Special Risks Insurance?
Industrial Special Risks Insurance is designed to protect you from damage and consequential loss to your physical assets, including buildings, stock, plant and machinery. A policy essentially provides cover for loss or damage to insured property by any cause not expressly excluded by the policy.
It is typically the broadest and the most flexible property policy available. It is recommended to commercial clients with insured values greater than $3 million (although this minimum does vary between insurers).
Always consider if the increased cost of working amount is sufficient for your business should you have to relocate. keep in mind what it would take to keep your business turning over.
KEY BENEFITS
Covers a diverse range of business activities
Covers a diverse range of business activities
All-in-one cover for larger organisations
Open-ended wording to cover any included events
Why do you need this policy?
Here is an example:
David is a modular home builder with four factories located within a 100km radius of each other around Australia. All of the factories hold high-value physical assets such as materials, machinery and equipment. During a severe hail storm, all locations suffered damage to the roof and consequential water damage to machinery and equipment.
David’s business holds an ISR policy and all locations were insured; only one excess was payable because all locations were affected by the same storm.
Along with the damage, David’s business was able to claim for increased costs of working. Some operations needed to relocate to continue to operate the business until the claim was paid.
Interested in learning more?
Download the full product brochure.
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1800 150 888