Electronic Equipment Insurance

  •  About Policy 
  •    Scope of Cover 
  •    Extensions 
  •    Exclusions 
  •    Rating 

About Policy

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

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Scope of Cover

The policy covers accidental, unforeseen and sudden physical loss or damage to any electronic equipment (including system software). You have an option to include coverage for external data media. You can also opt for Increased Cost of Working (ICOW) which will pay for the additional costs which you shall incur in order to ensure continued data processing on substitute equipment.

The electronic equipment insurance policy is an all risk policy designed for computers, medical, bio-medical, micro-processor, and audio/visual equipment including the value of system software. 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 cover includes:

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.

Type of Equipment Covered:

  • Computer system consisting of CPU, keyboards, monitors, printers, stabilizers, UPS, system software etc.
  • Medical, biomedical, micro- processors
  • Audio/visual equipment including the value of systems software

Additional Covers:

  • Express freight.
  • Air freight.
  • Owner's surrounding property.
  • Escalation.
  • Third party liability.
  • Additional custom duty.
 

Extensions

 

  • Escalation
  • Express freight
  • Air freight
  • Additional custom duty
  • Third party liability
  • Owners surrounding property
 

Exclusions

 

  • Willful acts or gross negligence on the part of you or your representatives.
  • War or warlike operations, nuclear reaction, radiation or radioactive contamination.
  • Wear and tear, faults or defects existing at the time of commencement of insurance which ought to have been or were known to you, faults or defects for which the supplier/manufacturer/maintenance contractor is responsible either by law or under contract.
  • Aesthetic Defects.
  • Consequential Losses.
 

Rating

The rating depends on:

  • Type of equipment, Annual maintenance contract and Claims Experience
 

Need Help 

Customer Support: 1800-3002-3202 customercare@magma-hdi.co.in

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