Insurance Products

Industrial Special Risks Insurance (ISR) (Available if your assets > $5m)

ISR Policies were developed to simplify the process of providing corporate businesses with a more comprehensive method of protecting their physical assets along with consequential loss risk exposures. Prior to the development of an ISR contract, businesses would simply be required to effect separate policies for different risk exposures. E.g. a fire policy to cover fire risk, a burglary policy to cover burglary and so on and so forth.

ISR policies have simplified this with broad spectrum coverage, protecting your assets by any cause, not otherwise excluded. There are two main sections to the policy, Material Damage/Property Damage & Consequential Loss.

Section 1 – Material Damage/Property Damage

• Covers all tangible property belonging to the insured or for which responsibility has been assumed.

Section 2 – Consequential Loss

• Covers losses resulting from an interruption to or interference with your business, following damage to your assets.

In Australia, there are two main ISR industry standards in terms of base wording, Mark IV or Mark V.

The base wordings are just that and the method of adding policy dynamic is through policy extension or as PACE Insurance calls them endorsements. In fact, there are over 300 endorsements available in the insurance market and not all are to the client’s advantage. Careful analysis is absolutely essential in the design and placement of relevant endorsements.

Please Contact Us now on 03 8615 0600 to speak directly to a Principal or Senior Adviser about how best to protect your business asset.

Selecting The Right Policy

It is very important that you understand your insurance requirements and the extent of your policy coverage. Policy coverage is always subject to the terms, conditions and exclusions of the insurance contract and policy wording provided by the insurer.

You will find that each insurance company has its own policy wording and therefore the coverage can vary considerably from one insurer to another. So it becomes vital that you compare each policy based on the appropriateness of cover for your individual or business needs.

As Insurance Advisers, it is our role to understand the terms and conditions and apply them to your individual business needs. We rely on our extensive international and national experience in specific sectors of insurance to select the right insurance for your business. We can then provide advice and tailor make the best insurance program to reduce risk and provide peace of mind.

For expert advice, real experience and a comprehensive understanding of your business and it's insurance requirements.
Call now on 03 8615 0600 and arrange a no-obligation consultation with a member of the PACE Insurance team.