Electronic Equipment Insurance

Electronic devices surround us, be it mobile phones, computers, laptops, and other bigger machines. This is the era of electronics. It is hard to hear about any home or office without any electronic device in it. Be it large corporates or smaller firms; they need electronic equipment to achieve a successful business. In this era of modern business, electronic equipment like computers, servers, audio/video, security equipment, and industry-specific electronic equipment and electronic critical machines play a pivotal role in achieving the goal of any company. But these equipment are also exposed to various risks as any damage or breakdown to them can put a break in the growth of the company and also put a financial burden and stress to the company holder.

Electronic Equipment Insurance can easily overcome these risks and safeguard electronic equipment financial losses. The policy can help you in avoiding these situations, and you can dream big!

The Electronic Insurance covers physical loss or damage to all the electronic equipment and data media, as well as the increased cost of working resulting from an accidental and unforeseen physical loss or damage to the electronic equipment. The policy also considers coverage to related systems on computer/EDP systems. The policy  majorly covers three sections:

1.  Material Damage– It covers the physical loss or damage caused to the equipment. The equipment is repaired or replaced due to any cause.

2.  External Data Media- The policy also covers damage to the external data media and information stored in such media and insure for such loss or damage. The insurance is only applicable if data media is present in the premises and coverage is only granted if the backup system is available for the same.

3.  Increased Cost of Working- This covers the loss/additional costs, which could have arisen due to barriers in smooth business and ensures continued data processing on substitute equipment. It is only applicable if such costs arise as an unavoidable consequence of an indemnifiable loss or damage to property which is insured under this policy.

This policy is suitable for following equipment:

1. Computer and allied peripherals. The term equipment also includes the entire computer system consisting of CPU, keyboards, monitors, printers, stabilizers UPS, etc.

2. Auxillary equipment like UPS, Voltage stabilizer, etc.

3. Medical, biomedical, equipment e.g., cath lab, x-ray machine, ultrasound machines, MRI, CAT scan machines

4. Audio/visual equipment

5. Electronic control panels

6. Telecommunication and navigational equipment

7. Electronic equipment for research and material testing

8. The value of software will also be covered in this policy

9. It also includes moveable and portable electronic equipment

The Exclusions to the policy are:

1. War or War-like operations

2. Nuclear Reaction, or radioactive contamination

3. Wilful act or negligence of the Insured or his representative.

4. Discontinuance of work, whether complete or partial

5. Derangement/disorder of the Insured property which is not accompanied by damage otherwise covered by this policy

6. Loss or any damage due to pressure wave caused by aircraft and aerial devices

Add on

By paying a nominal additional premium, the policy can be extended to cover the risk of terrorism.

Keep your equipment safe and business growing by insuring the electronic equipments through Electronic Equipment Insurance!

P.S: several extension to the policy and other benefits can be added as per the requirement. Policy can be customized, please discuss your requirements.