Electronic Equipment Insurance
What it covers
The Electronic Equipment Policy is structured as:-
Section 1 - Material Damage
Section 2 - External Data Media
Section 3 - Increased cost of working
With the advent of electronic era globally, almost all industries and householders rely on electronic aids. It is obvious that such electronic equipments are of high cost and therefore Electronic equipment insurance is the most sought after insurance now a days.
All electronic equipment used in residences, offices, commercial establishments and industries could be covered under this Insurance policy. To name a few:-
All electronic equipment used in residences, offices, commercial establishments and industries could be covered under this Insurance policy. To name a few:-
- Computers including portable equipment
- Communication Facilities
- Office Machinery
- Industrial machines controlled by electronic components
Sum Insured: The sum insured must represent the new replacement value of the equipment including Custom duties, transportation and installation charges.
What it covers
The Electronic Equipment Policy is structured as:-
Section 1 - Material Damage
Section 2 - External Data Media
Section 3 - Increased cost of working
The scope of cover is on all risks basis due to sudden, unforeseen and accidental loss or damage to equipment caused by-
- Fire and allied perils other than earthquake, volcanic eruption, tsunami, hurricane, cyclone or typhoon
- Electrical causes
- Burglary and theft
- Failure of air-conditioning equipment
- Negligence, faulty operation, carelessness
- Riot and strike and terrorism
- Loss/damage to exchangeable tools and components
- Software
- Wear and Tear
- Theft
- Wilful act or wilful negligence
- Functional failures
- Aesthetic defects
- Loss or damage for which manufacturer/ supplier is responsible either by law or contract
- Faults or defects existing at the time of commencement of insurance, which were/ ought to have been, known by the insured.
- Political risks exclusions
- Radioactive exclusions
- Pollution/contamination exclusions
- Consequential losses or liability
