Electronic Equipment Insurance
Scope of cover
Cover operates when the insured property is at work or at rest or being dismantled
for the purpose of cleaning/overhauling or during subsequent re-erection.
The Policy provides coverage for:
- Material damage to electronic equipment (which can include systems software) due
to sudden and unforeseen events, under Section I
- Cost of external data media, including cost of reconstruction of data under Section
II, as also increased cost of working under Section III. While Section I is compulsory,
Section II and Section III are optional.
Sum Insured
Section I: New Replacement cost of the insured property including
Freight, Erection cost, Customs Duty, if any.
Section II: Cost of restoring the external data media by replacing
lost or damaged data media by new material and lost information.
Section III: Sum Insured should represent the hiring charges per
hour for a substitute equipment for ensuring continued data processing for the period
of indemnity specified, including personnel and transportation charges.
Significant Exclusions
The Policy does not cover losses / damages due to:
- Wear & tear, War, wilful act or wilful negligence, Aesthetic defects and consequential
loss.
View Non-Motor Claims Procedure
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