Electronic Equipment Insurance
This is an All Risk insurance policy for Electronic Equipment which indemnify against the losses arising out of sudden and unforeseen events. In a broader sense, Electronic Equipments can be categorized as equipment which requires very low voltage or power to operate and quiet/silent in their operations like Computers/laptops and allied peripherals, Stabilizer, UPS, Medical and Biomedical Equipments, Electronic control panels, Audio/Visual equipment and other alike items. This policy makes good the losses on account of physical damage to Electronic Equipment/s including system software due to sudden, accidental and unforeseen perils. Like all other, All Risk policies, this policy is also governed by exclusions rather than coverage, so in other words, loss caused due to any perils is covered which is not specifically excluded in the policy. The covers in its widest form are briefed below.
Coverage
This insurance covers sudden, unforeseen and accidental loss or damage other equipment caused by :
>> Fire & Allied Perils as Lightning, Explosion/Implosion, Aircraft Damage, Riot, Strike, Malicious and Terrorism Damages, Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood and Inundation, Impact Damage, Subsidence Land slide, Rock slide, Bursting and/or overflowing of Water Tanks, Apparatus and Pipes, Missile Testing operations, Leakage from Automatic Sprinkler Installations, Bush Fire.
>> Electrical & Mechanical Breakdowns,
>> Burglary & Theft.
>> Negligence, Lack of Skill, Carelessness
MAJOR EXTENSIONS AVAILABLE
You may extend your policy by paying additional premium. Major optional extensions available are:
-: Escalation cost;
-: Express freight;
-: Air freight;
-: Additional custom duty;
-: Third party liability;
-: Owners surrounding property;
-: External data media;
-: Increased cost of working.
MAJOR EXCLUSIONS
-: Willful acts or Gross Negligence
-: War or warlike operations, nuclear reaction, radiation or radioactive contamination;
-: Wear and tear, faults or Pre- existing defects
-: Faults or defect for which the supplier/manufacturer/maintenance contractor is responsible either by Law or under contract
-: Loss, destruction or damage directly occasioned by pressure, wave caused by aircraft and other aerial devices traveling at sonic or supersonic speeds;
-: Policy Excess - This is the first amount of any claim that insured have to bear.
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Heading Electronic Equipment Insurance:
Detail Electronic Equipment Insurance
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CLAIM PROCESS:
>> Inform the insurance company with a rough estimate of the loss as early as possible.
>> Take all steps within your power to minimize the extent of the loss or damage
>> Preserve the parts affected and make them available for inspection by a representative Or Surveyor Deputed by Insurer
>> Furnish All Such Information and Documentary Evidence As the Insurer May Require