Industrial Special Risks Insurance

Industrial special risks insurance, also known as ISR Insurance, is a broad coverage business insurance policy that provides cover for diverse scenarios or damage to high-value physical assets including property, buildings, materials and machinery.

At DKG Insurance Brokers, we understand that the needs of each client are different, therefore we will take the time to assess your individual risk requirements and deliver a bespoke solution. Please reach out to one of our experienced brokers today.

Important note − The information provided is general advice only and has been prepared without taking into account your objectives, financial situation or needs. When making decisions about industrial special risks insurance, please consider the Product Disclosure Statement.

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 industrial special risks insurance. Please note that minimum values do vary by insurer.

The policy is popular for medium and large businesses due to its flexibility and the ability to tailor the coverage more specifically to the needs of the client.

The potential benefits for this policy are wide and can include coverage being extended to include loss of income due to damage to your customers or suppliers premises, Loss of Land value and even additional costs for undamaged sections of building to meet current building standards imposed following damage to the other side of the building.

Important note − The information provided is general advice only and has been prepared without taking into account your objectives, financial situation or needs. When making decisions about industrial special risks insurance, please consider the Product Disclosure Statement.

An enormous number of industries utilise ISR policies. These can range from mining, energy and infrastructure, major retail, office towers, strata title, shopping centres to business operations with locations scattered throughout Australia.

Important note − The information provided is general advice only and has been prepared without taking into account your objectives, financial situation or needs. When making decisions about industrial special risks insurance, please consider the Product Disclosure Statement.

An ISR insurance policy provides cover for property damage to your valuable assets by any cause not excluded under your policy, such as:

  • 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.

This means that an ISR policy is extremely broad. Due to the large material and financial losses that can occur with these policies, we recommend an experienced insurance broker be involved when discussing your ISR cover with insurers.

What usually isn’t covered?

The standard exclusion in an ISR policy can be categorised as either Property or Peril exclusions.

Examples of standard Property Exclusions include:

  • Railway Rolling Stock
  • Live Animals
  • Property in Open Air
  • Growing Crops

Example of standard Peril Exclusions include:

  • Machinery Breakdown
  • Flood

These exclusions can be amended or written back subject to the Insurer’s agreement.

Important note − The information provided is general advice only and has been prepared without taking into account your objectives, financial situation or needs. When making decisions about industrial special risks insurance, please consider the Product Disclosure Statement.