Industrial Special Risk Insurance (ISR)
An Industrial Special Risks (ISR) policy covers Section 1 - loss or damage to property of the insured at the declared locations. ISR policies are generally considered a broad cover as most causes of loss are insured, not just fire and theft.
Though many insureds focus on the costs associated with repairing the physically damaged building and content insured under an ISR policy, an ISR policy can also cover Section 2 - consequential or resulting loss due to a Business Interruption that is caused by the property damage insured by the policy. The general coverage for consequential loss can include cover for:
- Loss of Turnover
- Increased/Additional Increased Cost of Works
- Payroll Costs
- Claims Preparation Costs - Section 2
Whilst repairing or reinstating property following a loss, a standard ISR policy can include the following additional benefits:
- Claims Preparation Costs - Section 1
- Additional Government Fees to reinstate the loss
- Costs incurred to mitigate further loss (i.e. Fire extinguishing costs, and temporary protection)
- Removal of Debris
Obtaining a Quotation
To obtain a quotation, an asset schedule will be required which will form part of the policy schedule. The asset schedule should also include the following information:
- List of all locations.
- Reinstatement Costs (Building and Machinery) – For assistance ARMS can provide referrals for professional property valuations, or provide access to property value estimating calculators.
- Replacement Costs (Contents & Stock)
- Occupation, construction, fire protection and security details at each location
- Gross Turnover - by location if applicable – For assistance ARMS can provide access to Business Interruption estimating calculators.
- Historical Gross Profit figures
- Wages & Payroll
For more information please contact ARMS Risk Management.
All policies are subject to the insurer's policy terms, conditions and exclusions contained in the policy wording and agreed with the insurer. The information provided in our Product pages are a general description of the cover only. For more information about any of the insurances on our website please contact ARMS Risk Management.