Electronic Equipment Insurance

This is a specially designed policy which covers accidental loss or damage to electronic equipment.

Highlights
This is a specially designed policy which covers accidental loss or damage to electronic equipment.

What equipment can be covered under this policy: The policy covers the following types of equipment's:

Electronic data processing machine.

Telecommunication equipment.

Transmitting and receiving installations(including Radio, TV,
Cinema Sound Reproduction and Studio Equipment).

Material testing and research equipment.

Electro-Medical Installations.

Signal and Transmitting units.

Office calculators, duplicating machines and Reproduction
machines.

Control and supervisory units.

Who can take this policy: This policy can be taken by the owner, lessor or hirer of electronic equipment.

Scope
The policy covers sudden and unforeseen physical damage including breakdown to the electronic equipment covered under the policy due to any reason not specifically excluded.

Thus it covers damage caused by the following perils:-
Smoke, soot, dust, corrosive gases etc.

Water and Humidity.

Short circuit and Electrical fire risk.

Faulty operations, lack of skill.

Falling object and entry of foreign bodies

Fire, lightning, explosion.

Riot and strike and malicious damage and terrorism.

Theft and burglary.

Natural calamities - flood, inundation, storm, cyclone and
earthquake

Subsidence, landslide, rock slide.

Loss of damage caused by the following perils are specifically excluded from the scope of the policy.
Normal wear and tear and corrosion of parts arising from use and continuous operation (limited to parts immediately affected, subsequent damage to other parts of the unit covered).

War, willful acts, gross negligence.

Faults for which third party is responsible by law or contract.

Failure due to interruption of gas, water or power supply.

Aesthetic defects.

Consequential loss of any kind.

Loss to consumables and operating media etc.

How to select the sum insured?
The sum insured or value of the policy should be equivalent to the present day purchase price of a similar new electronic equipment including all incidental expenses like cost of installation, duty, freight, taxes etc. If the sum insured is less than required as stated above then the claim will only be paid in such proportion as the sum insured bears to the amount required to be insured.

The policy can be extended to include the following risks on payment of additional premium.
Damage to external data media for example punch cards, tapes, discs etc. as also the cost of reconstruction of data on this external media caused by a peril covered under the policy.

The additional expenditure incurred due to use of a substitute computer system as a result of an accidental damage to the computer insured under the policy and which is covered by the policy.