Electronic Equipment Insurance Policy is a comprehensive policy designed for various types of electronic equipment such as computers, microprocessors, industrial electronics and audio/visual equipment including the value of system software etc.

WHAT IS COVERED:

 This Policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded.

It covers sudden and unforeseen material damage to electronic equipment due to clauses like,

  • Loss due to fire and allied perils
  • Electrical and mechanical breakdown of the insured’s item
  • Short circuit and voltage fluctuations
  • Carelessness/human error
  • Theft and burglary etc

In case where damage to an insured item can be repaired the insurer will pay expenses necessarily incurred to restore the damaged machine to its former state

In case where an insured item is destroyed the Insurer will pay actual value of the item immediately before the occurrence of the loss

EXCLUSIONS:

  • Cost Incurred/time involved in the movement of machinery and/or    any other property and/or personnel outside the territorial limits of India other than the cost of delivery of replacements for machinery lost or damaged
  • Loss of or damage to the property covered under this policy   falling under the terms of the Maintenance Agreement
  • Loss destruction or damage directly occasioned by pressure wave caused by aircraft and other aerial devices traveling at Sonic   or Supersonic speeds

COVERAGE VALUE / SUM INSURED: 

The SI of each Electronic item must be its present day Replacement value of similar new Electronic Equipment including all incidental expenses like cost of erection, duty, freight, taxes etc.

EXCESS :

There Are 2 Types :

Equipment with value up to Rs. 1 lakh

i) Equipment (other than Winchester Drive) : 5 % of claim amount subject to a minimum of Rs.1, 000

ii) Winchester Drive : 10 % of claim amount subject to a minimum of Rs. 2, 500/-

Equipment with value above to Rs. 1 lakh

i) Equipment (other than Winchester Drive) : 5 % of claim amount subject to a minimum of Rs.2, 500/-

ii) Winchester Drive : 25 % of claim amount subject to a minimum of Rs. 10,000/-

IMPORTANT :

Mandatory to have operational maintenance contract during currency of the policy.