Industrial Special Risk

Industrial Special Risks Insurance (ISR)

ISR is an insurance policy that offers protection against a form of consequential loss or property damage for medium to larger entities with high-value physical assets, including (but not limited to) machinery, materials, buildings, and property.

Why do you need ISR?

A standard business insurance cover may not adequately cover your business or organisation against the exposures and risks that can easily cripple the daily operations.

Choosing to insure your organisation with an ISR, means that you covering your business against any damages that are not limited to the selected risks, but protecting your business against most damages and losses except for any exclusion that might have been pointed out in the policy.

What does ISR policy cover?

Depending on your ISR policy, the package mostly covers the following areas:

• Accidental glass breakage or damage
• Removal of debris
• Professional fees
• Re-writing records
• Extra costs of re-instatement
• Loss of revenue, profits or rentals
• Any increased expenses resulting from the damage to insured property
• Loss or/and damage to plant & machinery, buildings, stock, unregistered vehicles, contents, raw materials and property of employees and directors.

Benefits of an ISR policy

Since the policy offers coverage for any physical damage or loss, apart from what is limited or excluded, it is broad and covers practically anything. This means the potential benefits offered by the policy are wide extending to

• Any additional costs resulting from undamaged sections of the property in order to meet the prevailing building standards.
• Loss of income resulting from the damage to suppliers’ or customers’ premises.
• Loss of land value

However. Since the policy can cover large financial and material losses that could be incurred by a business, it is advisable to seek the professional help of an experienced insurance broker when in the process of procuring an ISR policy provider.