Electronic Equipment Insurance
In this age of technological advancement, dependence on electronic data and equipment like laptops, desktops, servers, diagnostic equipment, etc. has greatly increased. A loss or damage to such equipment will have a resounding financial impact on the health of the business. An Electronic Equipment Policy provides comprehensive coverage against unforeseen and sudden physical loss or damage to the electronic equipment and data media that occurs owing to perils other than those specifically excluded under the policy. Additionally, a Portable Electronic Equipment policy covers accidental damage and breakdown including fire, theft, robbery and malicious damage to new portable electronic equipment.
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This policy provides coverage under three sections:
- Section 1: Equipment
Covers any unforeseen and sudden physical loss or damage to electronic equipment. - Section 2: External Data Media
Expenses incurred within 12 months from the date of occurrence of loss, necessary for restoring the insured data media to pre-accident condition is covered. - Section 3: Increased Cost of Working
Covers all additional costs incurred to ensure continued data processing on substitute equipment.
- Wear and tear.
- War and the nuclear group of perils.
- Willful acts or willful negligence.
- Aesthetic defects.
- Consequential loss.
- Pressure wave caused by aircraft and other aerial devices.
- Costs arising from false programming, punching, labeling or inserting, inadvertent canceling of information or discarding of data media, and from loss of information caused by magnetic fields.
- Costs for replacement of data media, data and regeneration of data.
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