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, biomedical, microprocessor, and
audio/visual equipment including the value of system software.
Tariff is applicable on all rates. 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
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
- Express freight
- Air freight
- Owners surrounding property
- Third party liability
- Additional custom duty