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Electronic Equipment Insurance

With the advancement in electronics, almost all industries rely on electronic aids. Such electronic equipment are high precision and high cost equipments. Electronic equipment insurance is an all risk cover subject to exclusions and gives a comprehensive insurance protection to the owner.

Items covered

Electronic equipment policy covers electronic data processing machines like computers and laptops, telecommunication equipments, electro medical installations, Electronic control and supervisory units, QC and Lab equipments and many more precision electronic types of equipment.

Coverage

The policy is an all risk cover and provides protection against any sudden and unforeseen physical loss or damage to the machine covered subject to exclusions. Therefore, policy broadly covers loss due to all kinds of accidental, electrical and mechanical breakdowns, fire, lightening, explosion, Flood and water damages, Burglary and theft, cyclone and storm, negligence and faulty operations, riot, strike and malicious damage, damage due to earthquake etc.

Add ons.

  • Air freight

  • Express freight

  • Additional custom duty.
Exclusions

The principal exclusions are

  • Cessation of work

  • Damage covered under AMC

  • Derangement not accompanied by damage otherwise covered by this policy

  • Damage directly occasioned by pressure wave caused by aircraft/other aerial devices

  • Willful act/ Willful negligence

  • Loss/damage to exchangeable tools and operating media

  • Wear and Tear

  • 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
Sum Insured

Value proposed for insurance should be equal to replacement cost including freight, erection cost and custom duty if any.

Premium

Rate of premium depends on type of equipments, existence of annual maintenance contract etc..

Claim Procedure:

  • When You suffer loss or damage to any Insured Property, You must give notice to insurance co. immediately along with details of the event and Your loss,

  • Take all reasonable steps to prevent further damage to Insured Property,

  • You must not sell, give away or dispose of any damaged items of any property,

  • You must not carry out repairs before insurance survey is conducted.

  • preserve and collect evidence, take and preserve photographs,

  • Assist Insurance company and/ or surveyor in collecting evidence and details about Your loss,

  • Prove the extent of Your loss.

  • Under insurance. Underinsurance occurs if the declared sum insured is found to be less than the replacement value on the date of loss, and the claim amount will be proportionately reduced.

  • Mode of settlement. In case damage can be repaired, insurance company will pay cost required to restore the damaged equipments. This will include cost of repair, cost of parts replaced and incidental expense related to repair/replacement. No depreciation will be applied except for parts with limited life and wear and tear parts. In case of total loss, insurance company will pay actual value of machinery just before the loss ( i.e, Replacement value- depreciation). Deduction will be also made for any improvement in the original equipment.