Electronic Equipment Insurance offers financial protection to owners of electronic equipment as it covers the electronic equipment in case of breakdown or damage. The policy covers cost of repair or replacement of the damaged equipment. The Sum insured to be considered is the new replacement value of the electronic equipment.
WHO SHOULD BUY
Individuals, Commercial organizations (like hotels, shops, malls, offices, hospitals), factories who own electronic equipment such as Computers, Printers, Scanners, UPS, Hospital equipment like X-Ray machines, CT Scanners, MRI machines, Telecommunication equipment, Audio visual equipment etc.
Lessors / Lessee of the equipment depending on who has insurable interest based on the contract.
Bankers/Financiers who have financial interest in such equipment.
KEY FEATURES OF THE POLICY
The policy covers any unforeseen and sudden physical loss or damage from any cause, other than those specifically excluded. Some scenarios which will trigger a claim under the policy are as follows: Fire, electrical or mechanical breakdown due to short circuit, overheating, arcing etc, theft, accidental external impact causing damage to screen, accidental spillage of liquids on the equipment.
Some other covers under the policy are cover for costs of external data media including charges for producing the information, and increased costs of working.
KEY EXCLUSIONS
• War & Allied perils
• Loss due to overload or experiments
• Normal wear & tear and gradual deterioration
• Losses due to faults existing prior to buying insurance
• Wilful act & gross negligence
• Consequential loss of any kind
