Electronic equipment Insurance is “accident” insurance on an “all risks” basis covering sudden and unforeseen which materially affects the subject matter insured. Losses due to the following causes:
- Fire, lightning, explosion, falling aircraft
- Smoke, soot, corrosive gases
- Water and humidity
- Short circuit and other electrical causes
- Design, manufacturing, assembling and erection faults, defects in casting and material, workshop error, bad workmanship.
- Faulty operation, lack of skill, gross negligence
- Malicious act of workmen, employees, Third party
- Subsidence, Landslide
This policy applies to the insured items at work or at rest, or being dismantled for the purpose of cleaning, overhauling or being shifted within the premises, or in the course of the aforesaid operations, or during subsequent erection after commissioning.
- The owner of the Electronic Equipment or a person or company having financial interest in the equipment.
- The Industrialist / user of the Industrial Electronic Equipment
- The financial institutes who have an interest in the Electronic equipment
The Sum Insured should represent the current new replacement value of the insured equipment, including all installation costs and custom dues.
Under insurance should be avoided. Otherwise claim for repair or replacement or paid only in the proportion which the sum insured bears to the new replacement value, sum insured reviewed from time to time to keep pace with rising prices. This may be achieved by linking the sum insured to a national index of prices.
Apart from Material Damages to electronic equipment, the policy can be extended to include the following also
- Data Media, which covers the cost of reprocessing and restoring lost information
- Increased Cost of Working required for retrieving and restoring lost information
The policy does not cover any losses or damage due
Wear and tear
War and nuclear group of perils
Willful acts or willful negligence
Pressure wave caused by aircraft and other aerial devices
The insurance is subject to an excess on each claim which is borne by insured.
There is advantage to both parties in keeping small claims outside the scope of the insurance.
The amount of excess affects the premium and higher excesses may be selected premium reduction allowed.
- Dully filled signed and stamped proposal from
- Basis of valuation for the equipment