Industrial Special Risk (ISR) policies are the broadest and most cost effective way to insure buildings, contents and loss of profit asset values exceeding at least $5,000,000. ISR policies are flexibe and can be used to cover a variety of different properties and risks.
An ISR policy normally consists of two main sections:
Section 1 Covering Material Loss or Damage
This section of the policy covers physical loss or damage to the insured assets from events such as fire, explosion, earthquake, impact by vehicles and aerial devices, storm and tempest, cyclone, malicious damage and vandalism, accidental loss or damage, burglary and theft, theft of money, damage to plate glass. Cover for flood and storm surge cover can be included depending on the circumstances.
It is normal to find sub-limits for the following items, under this policy:
- Accidental damage
- Removal of debris
- Theft of property in the open air
- Extra costs of reinstatement
- Loss of land value
- Replacing locks, keys and combinations
- Plate glass
- Employees tools and equipment
Section 2 Covering Business Interruption
This section of the policy is often the least understood by insurance brokers and clients and the cover arranged is often inappropriate. ToleHouse will spend considerable time with our clients designing and implementing an ISR policy in order to ensure that the cover arranged is appropriate for your needs.
Under this section of the policy cover will be arranged for:
- Loss of profits or loss of gross revenue
- Loss of rent
- Claims preparation costs
- Contractual fines and penalties
- Accounts eceivable
- Increased cost of working
ToleHouse prides itself on assisting its clients in designing and implement an ISR programme that is suitable for your needs.