Industrial Special Risks | Master Builders Insurance Brokers

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Industrial Special Risks

Property damage cover for more complex risks.

Cover for

Property loss and/or damage
Removal of debris
Loss of profits
Theft
Accidental damage
Mechanical breakdown

What is Industrial Special Risks Insurance?

Broad business insurance for medium and large businesses with diverse operations and high-value assets.

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).

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Key benefits

Covers a diverse range of business activities

Suitable level of indemnity high-value assets

All-in-one cover for larger organisations

Open-ended wording to cover any included events

What does a Industrial Special Risks policy cover?

Loss and/or damage

To buildings, plant and machinery, contents, stock, raw materials, unregistered vehicles and the property of directors and employees.

Extra costs

Such as removal of debris, reinstatement costs, re-writing of records and professional fees.

Loss of profits

Such as revenue or rentals and increased expenses caused by damage to insured property and also by unforeseen damage to property at the premises of suppliers, customers and utilities.

Burglary / fidelity guarantee

Cover for theft of money and employee dishonesty.

Accidental damage

Cover for all property (including glass).

Mechanical breakdown

Covers loss or damage to plant and equipment as a result of mechanical breakdown.

Why do you need this policy?

Here's 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.

More claims examples