Commercial and Corporate Insurance

Platinum Commercial and General is able to arrange, place and manage all your Commercial and Corporate insurance requriements for medium and large businesses. 

We are able to provide a range of insurance products and services to meet the requirements of both commercial and corporate businesses:

• Business Pack
• Trades and Services Pack
• Farm Pack
• Crop Insurance
• Property
• Risk Finance
• Commercial Motor and Fleet
• Professional Indemnity
• Construction Liability
• Marine
• Risk Management Services
• Transport and Machinery

Medium to Large businesses will often insure the sorts of things covered by a Fire & perils, Business Interruption, Theft, Money and Glass policies under an Industrial Special Risk ("ISR") policy. The advantages include: "new for old" cover, accidental loss or damage cover, with an industry-standard wording.

Industrial Special Risk (ISR) policy

The ISR Policy was developed in the mid 1970s by the Insurance Council of Australia and others in response to market pressures and consumer demand for an overall policy for accidental loss or damage relating to larger businesses. The wording commonly known as "Mark 4" was issued in 1981 and is still preferred by some brokers and/or insurers in certain circumstances. The "Mark 5", was issued in 1990 as a result of a further review by the National Insurance Brokers Association ("NIBA") and others.

ISR Policies have two sections, being:

1. Property damage (to all listed buildings and contents); and
2. Business interruption.

In addition to accidental loss or damage generally, other benefits are typically included such as:

1. Architects, legal and other fees;
2. Statutory authority fees (extra costs of reinstatement);
3. Temporary protection;
4. Cost of replacing lock and keys;
5. Removal of debris;
6. Liability for duty on imported or branded goods damaged;
7. Personal property of directors, employees and clubs;
8. Fire extinguisher costs.

As for almost all householder policies to date, the ISR Policy basis of settlement is generally on reinstatement or replacement value ("new for old"). This may be changed to indemnity value in some circumstances, such as for items that depreciate quickly.

Section 2 is an option and provides indemnity against loss resulting from the interruption of or interference with the business including actual loss of gross profit relating to:

1. Production in turnover & increase in cost of working;
2. Claims preparation costs;
3. Insured payroll;
4. Additional increased cost of working not otherwise covered.

Certain exclusions also apply and the insured is obliged to as far as reasonably practicable, minimise any interruption or interference with the business, in order to diminish the loss.