Industrial special risk (ISR) insurance generally suits larger or more complex businesses with physical assets of more than $10 million. It can provide more comprehensive cover for high value assets such as properties, commercial premises and equipment.
The two main covers provided under an ISR policy are material damage (for property) and business interruption cover. The policy provides cover for property damage resulting from perils such as fire, natural disasters, theft or accidental damage. It also provides cover for business interruption (loss of income) as a result of the property damage.
Examples of businesses who may need to consider ISR cover include manufacturers, warehouses, logistics firms, aged care providers, health care providers, and accommodation or hospitality businesses.
Why should you choose Marsh to arrange your insurance solutions?
You should consider this cover if your business is growing or expanding, and/or you have more than $10 million in assets (including gross profit).
Insurance is an integral part of any enterprise – whatever the size – but without the right protection, you may risk significant loss or damage.
Without the right protection, you may risk losing everything you’ve worked so hard to achieve to one event – be it a storm, fire or burglary.
Generally speaking, for this cover to be financially feasible, your business needs to have assets in excess of $10 million. This makes it more suited to medium-to-large businesses such as manufacturers, warehouses, logistics firms, aged care providers, health care providers, and accommodation or hospitality.
Some typical exclusions would include:
However, there can be a number of other exclusions under each section of the policy, so make sure you familiarise yourself with these and ask your Marsh advisor questions.
When it comes to purchasing industrial special risk cover, there’s no one-size-fits-all – it all depends on the nature and size of your operation.
There’s a lot to consider, and insurers require more from bigger businesses before they agree to write insurance for you, which is why it’s important to seek professional advice from an expert industrial special risk insurance advisor who can work with you to arrange the right cover, quickly and easily – so you can rest assured that you’re going to get the cover you need, and not pay more than you have to for your insurance cover.
No. Workers compensation is not included.
This is a general overview of the policy. Please call us and ask for a copy of the insurer’s policy wording. We recommend you read the policy wording so you have an understanding of the policy terms, conditions and exclusions before you decide whether this policy suits your needs.
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Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
