Commercial and Corporate Property Insurance
Platinum Commercial and General Insurance is able to arrange, place and manage all your commercial property and engineering insurance requirements.
We have facilities with commercial property and engineering Insurers and access to insurance underwriters with a reputation for strong commercial property knowledge, and understanding of the needs of commercial property and engineering insurance.
Industrial Special Risk (ISR) insurance
Large businesses typically insure the sorts of things covered by a Fire & perils, Business Interruption, Theft, Money and Glass policies under an Industrial Special Risk (ISR) insurance policy. The advantages include: "new for old" cover, accidental loss or damage cover, with an industry-standard wording.
The Industrial Special Risk (ISR) insurance policy provides an overall policy for accidental loss or damage typically relating to middle market and larger businesses. The Industrial Special Risk (ISR) wordings commonly known as ISR Mark 4 and ISR Mark 5 are available depending on the specific risk requirements.
ISR Policies have two sections, being:
Section 1 - Property damage (to all listed buildings and contents)
Section 2 - Business interruption.
In addition to accidental loss or damage generally, other benefits are typically included such as:
- Architects, legal and other fees
- Statutory authority fees (extra costs of reinstatement)
- Temporary protection
- Cost of replacing lock and keys
- Removal of debris
- Liability for duty on imported or branded goods damaged
- Personal property of directors, employees and clubs
- Fire extinguisher costs
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.
Fire and Perils Insurance
Coverage is typically provided for such events as:
1. Fire and lightning
2. Damage by vehicle, aircraft or similar
3. Earthquake
4. Storm, tempest, running water, wind and hail
5. Overflow or discharge of water or liquids
6. Riot or civil commotion
7. Explosion
8. Damage by public authorities, in preventing spread of fire
Business interruption Insurance
Business interruption insurance may be linked to an Industrial Special Risk (ISR) insurance policy. This insurance typically covers a reduction in business income as a result of damage to your property, which is covered under the Fire Theft and Glass sections of your Insurance policy. Business interruption insurance cover may be arranged on varying basis including:
- Loss of Gross Profit
- Weekly income
- Increased cost of working
- Payroll