In short

• Medium and large companies with complex needs may need tailored cover beyond an off-the-rack business insurance package.
• Brokers can design a more comprehensive combination of material damage and business interruption insurance to match unique risk profiles. 
• Supply-chain disruption and rising inflation in some countries will require brokers to update asset valuations as often as quarterly for some large businesses if they are to avoid being under-insured.

What do you do if your company has outgrown standard business insurance or is too complex or unusual for an off-the-rack policy? The smart ones speak to a broker about a custom solution.

Known in Australia as industrial special risk (ISR) and in Malaysia as industrial all risk (IAR), these policies can be built to address a unique business risk profile.

“The sort of businesses that typically require ISR cover have a wide range of assets over varying geographies and need a tailored solution for those assets,” says Robert Kelly, co-founder, managing director and CEO of Steadfast Group in Australia.

“ISR can be tailored to suit the risk transfer that the client wants, whereas business insurance packages are usually locked down to a standard, broad range of coverages.

“An ISR policy is capable of providing more coverage and is drafted to make sure that the events you want to get covered are included in the specifications.”

Premium

You need to login to access this

Login

What are CIP Points? About ANZIIF Membership