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Electronic Equipment Insurance
This insurance policy is ideal for any individual or corporate organisation
who employ the use of electronic equipment for purposes of business
or pleasure.
What can be Insured
This insurance policy covers electronic equipment
such as computers, microprocessors, word processors, telecommunication
equipment, electronic
machinery meant for medical use and other electronic equipment used
in film and television studios, electronic scoreboards, etc.
Suitable
This insurance policy is ideal for any individual or corporate organisation
who employ the use of electronic equipment for purposes of business
or pleasure. |
Risk covered
This insurance policy protects the insured property, that
is the electronic equipment from.
- Location perils and natural calamities.
- Electrical
or mechanical breakdown.
- Faults in design, materials, manufacturing
or assembly.
- Damage due to moisture or humidity.
- Damage due
to negligent operation or carelessness of employee
- Riot, strike or malicious damage.
- Theft, burglary or housebreaking
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Compensation Offered
This insurance policy
provides compensation based on certain specific circumstances
- Material Damage
The sum insured should be equal to the cost of replacement
of the same kind and same capacity, which means that the replacement
cost should include freight and custom duties as well as
erection charges.
- External Data Media
The sum insured should be the amount required
for restoring the insured external data media by replacing
with new materials
and reproducing lost information.
- Increased Cost of Working
The sum insured should be the amount,
which the insured would have to pay as additional expenditure
for 12 months
use of substitute EDP equipment of similar performance to
the EDP equipment insured.
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The sum insured is
to be based on the amounts agreed per day and per month.
Charges like
personnel expenses and costs for transportation of
materials may also be included separately in the sum insured.
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Exclusions
The policy is subject to exclusion from payment if the
claim arises from
- Wear and tear or loss due to effects known to
the insured at the time of commencement of the policy.
- Any loss/ damage for which the
manufacturers/ suppliers are responsible under guarantee.
- Any willful act or willful negligence of the insured or his
representative.
- Cessation of work, total or partial.
- Loss or damage due to interruption caused by the failure
of any gas, water or electricity service or supply.
- Functional
Failure.
- The equipment being hired for which the owner is responsible.
- Consequential
Loss of any nature.
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